GBPUSD Short - Pin Bar within Supply Zone, Dollar Rebound
The dollar fell into the demand zone around 95 but did not show any strong rebound.
Instead, the price barely manages to stop from falling further and finally some retracement is taking place since the Asia market started.
As we enter into the euro session, there's a possibility that the dollar will continue another wave of retracement before it can find more sellers.
A pin bar is seen forming within a short-term supply zone around 1.28 and the price has already crept below the bottom of a rising channel.
The dollar is weak, but the rebound does give a good opportunity for a short-term short for the dollar pairs such as GBPUSD with a good selling structure.
Instead, the price barely manages to stop from falling further and finally some retracement is taking place since the Asia market started.
As we enter into the euro session, there's a possibility that the dollar will continue another wave of retracement before it can find more sellers.
A pin bar is seen forming within a short-term supply zone around 1.28 and the price has already crept below the bottom of a rising channel.
The dollar is weak, but the rebound does give a good opportunity for a short-term short for the dollar pairs such as GBPUSD with a good selling structure.
Trade closed manually:
Price will face strong support soon from current low to 1.267.
For day traders, I would advise to partial take profit and shift SL to entry OR just close the trade.
For day traders, I would advise to partial take profit and shift SL to entry OR just close the trade.