GU has failed to close below monthly support
If we take a look at the daily chart we can see that price has made a lower low, however all price did was retest the previous area of resistance
I am displaying the monthly chart as its alot easier to see whats happened
Also the daily candle has broken back into support so we should be looking for rejections and...
Price is at a key level. Possible break out to the upside to test the 1.3715-50 area .
If price rejects current or break out levels then push down the previous lows.
DXY is pulling back but looks to be testing lows at 93.75 on higher time frames.
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My short area I have been waiting on for gbpusd shorts. I'm looking at getting another rejection and hopefully finish the daily candle in the red for a nice swing trade to the downside. Remember do your own analysis and make sure it lines up with the way you trade before entering based off what I predict. Also manage that risk to keep consistent
What we see on GBPUSD is quite clear and nice, price had strong impulse to down and CP back to different areas as you see on the chart determined perfectly. preparing to make new lower lows we will have another entry after more pressure to down...
Finally set our 1:5 order and go with bearish trend ...
As you may know, tomorrow we have IMP NEWS for POUND...
Since June 1.42 high, GbpUsd is in a clear downtrend.
The pair broke under support last week, and after a local low at 1.34 is correcting
At this moment GbpUsd is facing strong resistance and a fall could follow
The bearish scenario is negated only if the pair manages to break above 1.3750
In my opinion, I still see Buy trade in Higher TF and I consider as an opportunity to entering the market with the combination of SnD and Elliot wave
In SnD(Supply and Demand) there is an Orderblock at 1.35000
And I consider trendline which ended near OB in D1 TF which give me more confidence to excute the Order
And the last reason there is a Zigzag as Wave 4...
Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
From a technical standpoint, I've noticed a recent break of structure and price formed a lower high with a retest of level 1.36000.
I entered on the M15 when price formed a bearish engulfing and a minor lower high.
Overall I would be aware of TP 1 & 2 for any rejections. The overall take profit would be place at the previous liquidity/demand zone (Expected to...
a. Daily FIB 61.8%
b. 4H Trendline
c. Broke strong daily resistance
d. Potential Rejection on Major psychological level (1.36000)
Reminder; this is only a potential short because there is a monthly uptrend structural zone that might become bullish again.
1.36 has proved to be very strong support for GbpUsd and the pair reversed losses from this point and is now trading above 1.37 support.
I'm bullish as long as 1.37 is intact and I expect the pair to reach 1.4 zone in the next few days
Price has reached a reached a key level and has found support around 1.3600 zone.
Possible push to 1.3725 supply zone if no rejections around 1.3650.
DXY is currently can't break above 94.50 and currently at 94.00.. Dollar falls. long on Gu. lol
As price plays around the 1.36000 level. There are 2 possibilities based on the strength of the USD
As of the current moment, the DXY broke above the highlighted level of 94.000 and is currently trending higher showing strength in the USD amid the ADP Non-Farm Employment Change later today.
Buy on the retest of:
Minor Order Block
Price has recently tested the long term bearish trendline and has also tested the 61.8% Fib level.
I will be looking to go short on a combination of 3 or more of these confluences:
Break and retest of level 1.36000
Break and retest of Bullish Push Line
Bearish Candlestick Pattern
Moving Average Crossover
Strength on the DXY