GBPUSD 30min Analysis January 20th, 2021
Price is in a strong bullish trend but is at our key supply zone.
Trade Scenario 1: Bullish - For us to go long we need to see price rebound off our supporting trendline and key weekly level at 1.3666. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key weekly level at 1.3666. We will then wait for a quick retest and for the weekly to flip as resistance. Enter on strong bearish setups first targeting our next key structure zone of 1.3620
Trade Scenario 1: Bullish - For us to go long we need to see price rebound off our supporting trendline and key weekly level at 1.3666. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key weekly level at 1.3666. We will then wait for a quick retest and for the weekly to flip as resistance. Enter on strong bearish setups first targeting our next key structure zone of 1.3620