GBPUSD PRICE ACTION PERSPECTIVE. CONFLUENCE
GBPUSD break below Mondays Low and channel confluence was a very nice bit of price action, currently sitting beneath EQ of
Mondays range that has shown itself to be a clear S/R level could be in for a decent short to target inefficiencies and swing lows.
In this scenarion a tight stop loss can be used as we do not want to see GBPUSD back above the pivot here, in which case bias
should probably switch.
Due to a close invalidation level, this trade could offer very high risk to reward, although after having already had a significant
run down I would not be going in full position. Also, DXY has had a big run.
GL from The TRADRZ Team
Mondays range that has shown itself to be a clear S/R level could be in for a decent short to target inefficiencies and swing lows.
In this scenarion a tight stop loss can be used as we do not want to see GBPUSD back above the pivot here, in which case bias
should probably switch.
Due to a close invalidation level, this trade could offer very high risk to reward, although after having already had a significant
run down I would not be going in full position. Also, DXY has had a big run.
GL from The TRADRZ Team
Comment:
watching where cable ends up if DXY moves to this level, and what reaction they give us