GBPUSD 30min Analysis January 28th, 2021
Price is in a strong downtrend but is at our larger supporting trendline and close to demand zone.
Trade Scenario 1: Bullish - For us to go long we need to see price break out of our descending channel and above the key weekly at 1.3666. We will then wait for a retrace and for price to find support on the weekly. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we need to see price reject off our key weekly at 1.3666. This will form a nice double top from the first rejection. Enter on strong bearish setups, first targeting our lower demand zone of 1.3620
Trade Scenario 1: Bullish - For us to go long we need to see price break out of our descending channel and above the key weekly at 1.3666. We will then wait for a retrace and for price to find support on the weekly. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we need to see price reject off our key weekly at 1.3666. This will form a nice double top from the first rejection. Enter on strong bearish setups, first targeting our lower demand zone of 1.3620
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.