JLJ002500

Watching...Continuation of analysis

FX:GBPUSD   British Pound/U.S. Dollar
27 0 5
Volatility is increasing. Bullish divergence . Anticipating a move up to at least 1.51 level and probably higher.

The question...is the move already under way or will 1.38 be tested again (with a possible breach). Couple of ways to play this OR choose to stay on the side lines until further confirmation.

1st. See 1M & 1W below. We got close, but never hit my targeted PRZ. (see "approaching reversal zone..."). If you look at the daily, it could be said there are still LH & LL, thus still trending down to anticipated PRZ. That would indicated the 3/16 pin bar was volatility (versus a HL).

The case could also be made 2/29 was the bottom and 3/11 - 3/16 - 3/17 is the beginning of a new up trend. (3/16 was a HL)

1M:
snapshot

1W:
snapshot

4H:
snapshot


S.T. price action is once again bearish . The question is will it turn positive well in advance of 1.405 or break the new support.

I would have already enter a short position if i had time to actively monitor the trade. I'm sitting on the side lines at the moment. If i were to enter, even 1/1.5 risk/reward would be challenging without actively managing the trade.

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