Should you think of buying the GU in the current market condition? I think the answer is a big 'NO'. Why? The answer is that the GBPUSD is seriously weak. Don't buy it.
Analysis: Currently, I see the price within the triangle chart pattern in a strong downtrend in the H1 timeframe, and the price is pulling back to the "mean", that's, to the dynamic resistance area, which shows that there could be a sell continuation today. Before I could take a sell trade setup, I want to see a sell signal like a bearish engulfing or a bearish pin bar candle formed at the resistance level. Therefore, watch out for this to happen. If the price failed to reach the resistance level before going back down, then look for a way to sell in the lower timeframes like the M30, M15, or M5. Happy trading
Analysis: Currently, I see the price within the triangle chart pattern in a strong downtrend in the H1 timeframe, and the price is pulling back to the "mean", that's, to the dynamic resistance area, which shows that there could be a sell continuation today. Before I could take a sell trade setup, I want to see a sell signal like a bearish engulfing or a bearish pin bar candle formed at the resistance level. Therefore, watch out for this to happen. If the price failed to reach the resistance level before going back down, then look for a way to sell in the lower timeframes like the M30, M15, or M5. Happy trading