GBP/USD H1 - SHORT into 1.21635?

114
Hi guys, hope you all had a successful trading week! :)

What I'm looking at currently is the H1 Timeframe of G/U. The bullish moment that defined the last trading week for G/U has been slowing down completely at the 1.24820 S/R ZONE, noticeable by the repeated printing of small indecision candles at the zone, failing to close above it. In addition to that, we have finally broken the ASCENDING TREND-LINE that G/U has been riding on in the last hours on Friday before the market closure.
If we zoom out into the D1 Timeframe & draw the fib retracement from the top to the bottom of the last swing, we can also spot that we are currently sitting between the 0.5 & 0.618 fib levels which is being rejected right now, indicating that the golden zone between the 0.5 & 0.618 is holding.
I'm looking to short on the retest of the broken trend-line & S/R at around 1.24820, scaling in positions when its cascading down the previous mini S/R Zones, aiming for the wick at 1.21635.

Summarizing the Set-Up -I'm looking to short on:
- the back of S/R at 1.24820
- retest of broken ascending trend-line
- Golden Zone D1 fib zone between 0.5 & 0.618 fib levels

Friends, thank you for taking a look at my analysis for the upcoming week, don't forget to LIKE & COMMENT, so that I can see what you guys think about my analysis! :)
Take care! & wishing everyone a nice weekend...& a profitable trading week ahead :)

Noel Schwarz

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.