Inv Head and Shoulders formed on GBPUSD and the price is breaking above the neckline.
This means we can expect the GBP to strengthen against the greenback.
This came to a surprise as the price broke below an M Formation.
7>21> 200
RSI>50
Target 1.2598
We need to watch out for the sideways resistance at 1.2429. It seems to be forming a somewhat Box Formation, with confusion in the trend.
This is definitely a medium to low probability trade with too many factors showing a sideways move which can fakeout and shakeout different directions.
The main reason I am long biased is because the price tested the 200MA, showed a strong level of liquidity and is protecting the bulls.
This means we can expect the GBP to strengthen against the greenback.
This came to a surprise as the price broke below an M Formation.
7>21> 200
RSI>50
Target 1.2598
We need to watch out for the sideways resistance at 1.2429. It seems to be forming a somewhat Box Formation, with confusion in the trend.
This is definitely a medium to low probability trade with too many factors showing a sideways move which can fakeout and shakeout different directions.
The main reason I am long biased is because the price tested the 200MA, showed a strong level of liquidity and is protecting the bulls.
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
www.facebook.com/groups/matitrader
🌐Website:
www.timonandmati.com
💰FREE Discord:
discord.gg/c8f37kyv35
Twitter:
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)