GBPUSD 1.23394 - 0.71 % MULTI TIMEFRAME IDEA
Good Day Everyone
Here is a multi time frame idea on the GBPUSD pair, its been a down week for Sterling once again on rising BREXIT fears, some bad economic data from the U.K and the pandemic issues putting pressure on risk assets as well.
The Dollar has maintained its strength against the pound.
* On the monthly we pushed down to close on a pin bar / hanging man.
* The weekly chart we see a retest of an ascending channel after previous breakout, a bounce of support level 1.23964 closing the week with a bearish pin bar.
* The daily chart retested the ascending channel as well holding the small descending channel at 61.8% Fibonacci pushed down to close just above 50% Fibonacci level
> looking for some correction or retracement at 50% Fibonacci a retest of resistance level 1.23848 then continuation to the downside as most time frames favor a bearish move .
looking for short entries on the pair...
_________________________________________________________________________________________________________________________
TARGET 1 - 1.22661
TARGET 2 - 1.21723
ENTRY & SL - FOLLOW YOUR RULES
RISK-MANAGEMENT
________________________________________________________________________________________________________________________
If you like the idea kindly leave a like and a follow will definitely follow back and leave your idea on the pair in the comment section.
Here is a multi time frame idea on the GBPUSD pair, its been a down week for Sterling once again on rising BREXIT fears, some bad economic data from the U.K and the pandemic issues putting pressure on risk assets as well.
The Dollar has maintained its strength against the pound.
* On the monthly we pushed down to close on a pin bar / hanging man.
* The weekly chart we see a retest of an ascending channel after previous breakout, a bounce of support level 1.23964 closing the week with a bearish pin bar.
* The daily chart retested the ascending channel as well holding the small descending channel at 61.8% Fibonacci pushed down to close just above 50% Fibonacci level
> looking for some correction or retracement at 50% Fibonacci a retest of resistance level 1.23848 then continuation to the downside as most time frames favor a bearish move .
looking for short entries on the pair...
_________________________________________________________________________________________________________________________
TARGET 1 - 1.22661
TARGET 2 - 1.21723
ENTRY & SL - FOLLOW YOUR RULES
RISK-MANAGEMENT
________________________________________________________________________________________________________________________
If you like the idea kindly leave a like and a follow will definitely follow back and leave your idea on the pair in the comment section.
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