GBP/USD - Support and resistance strategy
At this moment there is no suitable entry point.
We have a weekly and monthly bearish trend, we are looking for bearish entry points.
It has only retraced to the 23.8% level, therefore there is a chance it continues towards the 50% level.
Candlestick analysis: we have a strong bearish engulfing candlestick.
It seems like we are close to bearish EMA 50 cross.
Price went out the Bollinger bands (red circle), giving us a bearish signal.
We have a weekly and monthly bearish trend, we are looking for bearish entry points.
It has only retraced to the 23.8% level, therefore there is a chance it continues towards the 50% level.
Candlestick analysis: we have a strong bearish engulfing candlestick.
It seems like we are close to bearish EMA 50 cross.
Price went out the Bollinger bands (red circle), giving us a bearish signal.
Comment:
It seems that like all the bearish signal were correct as the price goes down. The price has now retraced to the 50% level. There is a chance the price continues its downtrend.