GBPUSD Short
Direction: - GBPUSD was at the end of a Bullish Cycle (Level 3). Therefore, it was due to reverse.
- The pair also formed a pattern at the H4 OB (Orderblock), so liquidity was expected to be grabbed from the source before the pair dropped.
- Expect Bearish Momentum now.
Entry: - M ( Double Top ) Pattern Formation.
- Divergence indicating pair will sell.
- Yesterday's high was held for multiple hours, with candles closing below it. The candles only pinned the high which indicated the high was probably not going to be broken.
- RSI near the 68, indicating the pair is exhausted and near overbought.
Exit: - 35 pip SL @ above YH (Yesterday's High).
- 72 pip TP @ above YL (Yesterday's Low).
Direction: - GBPUSD was at the end of a Bullish Cycle (Level 3). Therefore, it was due to reverse.
- The pair also formed a pattern at the H4 OB (Orderblock), so liquidity was expected to be grabbed from the source before the pair dropped.
- Expect Bearish Momentum now.
Entry: - M ( Double Top ) Pattern Formation.
- Divergence indicating pair will sell.
- Yesterday's high was held for multiple hours, with candles closing below it. The candles only pinned the high which indicated the high was probably not going to be broken.
- RSI near the 68, indicating the pair is exhausted and near overbought.
Exit: - 35 pip SL @ above YH (Yesterday's High).
- 72 pip TP @ above YL (Yesterday's Low).