Resistance made it self breakable many times, but refused to do so.
This time Bull rejection (Pinbar) at resistance in downtrend, trapped buyers.
Potential failed reversed-HnS
Trend: Overal downtrend, Long term sideway zone with a double bottom, Short-Mid term clear uptrend!
Structure to keep in mind:
1.31 is a crucial point:
- Get pass it, 1.35 is yours
- Lost to it, 1.26 you go
On bear side: is supply zone, resistance zone, Pivot point, a pullback point(if you don’t get the wedge pattern)
On Bullside: Many touches...
Last week fundamental drove the GBP out of technical's capability.
Time for a new overview on this pair.
Price did not be able to break the monthly resistance, or we can say retest the monthly resistance, Till now GU appears to be still in downtrend.
After many ideas support the Long side, there are signs that it has been weakened recently, we have to adapt to the market cuz it always change.
Here's the idea why i changed my mind to Short side.
Price upward movement was strong couple weeks agon when it was at the lower band of the trendline, but it is weak now:
- Volume does not support uptrend anymore.
Current situation on my view: Short term bearish trend ended, bullish trend may continue.
Here's the plan: buy now with a bullish signal (bullish engulfment) of wait for breakout upper resistant zone, consider short when break trendlines or the redzone.