When I take a look at the standard bollinger bands on the daily and the weekly, I see that the pair is at the +2 stdev higher band...so a bit outstretched on high and higher time frame.... I think it's a good risk/reward ration for a short trade here....
I'm looking at the GBPUSD, hoovering around yearly pivot. This is the 3rd time this zone held. I think bias odds are on the upside. Let's see.
Yearly R2 testing twice and cannot break. Can we expect short?
Cannot break yearly R1 resistance level ... Could be the turning point....
When checking the dollar index, it seems finally it has broken downward channel and forming something like an reverse head and shoulders pattern. We have seen dollar strength accross the board ... What's going to happen next?
Weekly more longer term view... This yearly pivot acted as a resistance, but once broken was a support.... personally I think we're going up, but fellow traders, let's trade what we see not what we think :-)
Bullish butterfly, along with touching lower bollinger band, after some consolidation area on the down side. I hope its ready for potential reversal.