I would be looking for a sell from 1.21600 to about 1.19000. We've made a lower high and broken structure to the downside. The anticipated pullback did not occur. Therefore the next target is at 1.19000.
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I took a position already, SL at BE. Watching for confirmation or setup.
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For now, I am keeping my TP at the price target: 1.20482. Price action looks wrong to continue lower.
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If price doesnt make a 15mins lower high, I would raise my TP to just the break of the recent low
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If we do not have a 15min pullback I would take profit at the recent low and start watching price action for bullish setup.
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15mins lower high is forming.
Trade closed manually
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I closed my entry.
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To preserve the downward momentum, I would be looking for price to take out liquidity to 88.6, and then a strong sell to break of structure.
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It's important not to forget we are at the end of the year. Fundamentals are the engine behind price action now. Bank of Japan news affected the USD and drove down the GBPUSD. Unless a stronger news element comes out, follow the market. As Confluence, price action has been making LLs since then. That gives a general direction for now.
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Current position.
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The way 15mins is reacting and we've not broken the 1h low, I would be closing my 2nd position and reducing my first. Looks like a deep pullback is coming.
Trade closed: target reached
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Today was a good day. Price action has been looking very incomplete for a while and so had to redo my entire analysis. I identified a pattern early enough, and have close all my trades now. I would be anticipating buys now, unless the setup breaks.