**GBPUSD Selling Plan:**
I am considering a sell position on GBPUSD based on key support and resistance areas observed on the daily and larger timeframes. The momentum from buyers appears to be diminishing, supported by noticeable and decisive rejections from sellers on both the 4-hour and 1-hour charts.
On the 4-hour chart, the market is currently in a short consolidation phase following the aforementioned rejections. If buyers are unable to regain control, I am inclined to enter a selling position. My take profit (TP) target is set at the level where daily buyers may potentially resume their activity.
From a buyer's perspective, the current pullback seems relatively shallow. Therefore, assuming buyers require a more substantial pullback before resuming their buying activity, I am considering a sell position until that anticipated point of market reversal.
Note: It's crucial to continuously monitor market conditions, implement effective risk management, and stay informed about any relevant news that may impact the trade.
I am considering a sell position on GBPUSD based on key support and resistance areas observed on the daily and larger timeframes. The momentum from buyers appears to be diminishing, supported by noticeable and decisive rejections from sellers on both the 4-hour and 1-hour charts.
On the 4-hour chart, the market is currently in a short consolidation phase following the aforementioned rejections. If buyers are unable to regain control, I am inclined to enter a selling position. My take profit (TP) target is set at the level where daily buyers may potentially resume their activity.
From a buyer's perspective, the current pullback seems relatively shallow. Therefore, assuming buyers require a more substantial pullback before resuming their buying activity, I am considering a sell position until that anticipated point of market reversal.
Note: It's crucial to continuously monitor market conditions, implement effective risk management, and stay informed about any relevant news that may impact the trade.