GBP/USD has being range bounding for a good while on the daily timeframe, for the first time we are seeing where price has broken below the consolidation levels and came back for a retest. What we can expect is a head to the downside with market structure supporting this idea. Scaling down on our 4h timeframe we are seeing a potential double top being formed indicating a reversal might occur to the downside. On the 1h timeframe where seeing price has also recently tested the 70 line on the relative strength index and seeing some sign of push to the downside. Fundamentally, if unemployment claim numbers comes out less than expected then USD would appreciate sending GBPUSD to the downside. Definitely an idea to watch, follow for more ideas like this
Kommentera:
Please note the stop loss and tp is unrealize so what you see on the chart is not my actual stop loss or tp