Reason for the trade - Price broke out the consolidation zone and got to resistance on the higher timeframe which price got rejected at to the downside. Market made lower lows making it look like price is now trending down, so after a pullback and when signs of rejection to the upside forms is when I will be looking to get in. After price had its pullback into...
On the daily time frame price as pulled into a resistance level which price previously found it hard to break. the last few months price has been on a downtrend so i recon it will still continue its trend down after this pullback
Im Adding my 10 buy postion on GBPUSD at this level in the market. a lot of confirmations has formed. higher highs in the weekly charts, muiltiple higher lows so i believe GU has a higher chance to increase in value then go south.