GBPUSD on the daily chart creates a double bottom over the weekly support.
The price after the test of the descending trendline tested the support area at the 0.5 Fibonacci level.
According to Plancton's strategy if the pair will be able to break above the static resistance structure we will set a nice long order.
If the trendline will hold instead we can see a pushback to the support area and we will monitor the price at the structure to check a possible inversion.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
The price after the test of the descending trendline tested the support area at the 0.5 Fibonacci level.
According to Plancton's strategy if the pair will be able to break above the static resistance structure we will set a nice long order.
If the trendline will hold instead we can see a pushback to the support area and we will monitor the price at the structure to check a possible inversion.
------
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Comment:
www.tradingview.com/x/l9bY4PZo/moving as expected
Comment:
the resistance is holding well atm
Comment:
consolidation at the trendline