Hey everyone !
Based on the datas, we're actually at a key level.
The first scenario would be that it bounce on this trendline and keep rallying, as stochastic is oversold and this was always a great opportunity to buy the dips. Hence it could engulf all the bearish momentum of last friday and find a target above the last higher high
or in the second scenario...
Hi
as we can see in this Daily chart that we have reached a consolidation area in GBP where we are now reneging in a monthly resistance Zone and there are total of two Bearish Divergences forming with MACD, where MACD is making Lower Highs and Market is Making Higher High which is a sign of trend reversal and end of the GBP bullish Rally and start of a retracement...
I suspect an easy short here down to .75400, at most .75000
Then a HUGE long filled to break out of this triangle formation finally. Get your orders ready people! (buy in goal .75000-.75500)
if AO dont go higher (it's make divergent) and maybe price move to 1.33429(bottom of channel),
otherwise, price break 1.35407 and can move to top of channel.
I really like the looks of this setup. This is exactly the type of entry I like to see. A strong move into my entry with very little basing. The cleaner the move into entry, the easier time price will have of leaving the area. The only downside to this setup is that price tested the level already. I prefer fresh areas, however, since the test does not exceed 25%...
