Price is still inside the minor resistance level where it could break above or reject and proceed to be bearish. Either way we are both ready for it.
The price keeps on breaking key levels and targeting the previous high. We are anticipating price would pullback towars our previous support level and would bounce to target the previous high. But if it breaks bellow then the next level of danger is the following previous support level.
Wait for the price to taps in to our key level where we could have 2 possible scenarios. First, is a rejection of that level since we are still bearish with the market structure. Or it breaks above the said key level and flip its previous movement and become bullish.
Price reacting at the minor resistance level. So either it fails to hold it and breaks above, or a rejection towards the support level. Seek for confirmations before placing a trade.
Last week's trade was banger if you followed my analysis with this pair. The market structure is still moving sideways so either we buy at the support level or wait for a break of structure.
Still bearish in overall structure but there's a probability that the market can break above the key level. So if that happens we are short term bullish but for now bearish is more promising.
Price is now moving bullish movement as the last week closed was respecting the support level. But if it happens to break below then we are bearish. So from what we can see on the market we are bullish short term.
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After the trendline breakout, we have to take a buy trade. GBPUSD ENTRY BUY@ 1.31380 STOPLOSS@1.1.28000 TAKEPROFIT@1.34000
We still have the bullish bias since the price breaks the resistance level. But if the value of the dollar keeps on falling then we need to wait for a retest before placing a trade of short.
The price is moving sideways so we will wait for the breakout. Either way we are ready for our trade bias when the price break the certain level.
Currently trading at the resistance level so we might anticipate sellers to kick in. But if the buyers are strong enough to push it to the upside and break the resistance level then we are bullish.
As the higher timeframe bias we are still bearish even fundamentally. But the current market structure is bullish because it is a pullback from the massive sell off. So we could short at the resistance level unless it is broken.