British Pound / U.S. DollarUpdated GBPUSD Trade Idea
In yesterday's analysis, I expected GU to have further bearish rotation towards 1.3620 key support zone, which was exactly what the market performed. However, a strong bullish bounce occurred pushing price all the way back to 1.3740 key resistance zone. In today's session, will remain neutral bias as the price action is slightly choppy, kind of back and forth. There are two possibilities I am looking at
1. As price is again rejecting the 1.3740 key resistance zone with a bearish doji took over previous high, that indicates some sellers in the market trying to control it below the zone. If we notice further 'attempt' trying to break above the high but fail, that could signal some rollover towards 1.37 - 1.3620 support zones (Bearish)
2. To validate any breakout long setup, we need to see 1.3740 key daily resistance to be breached, then we can take it with a break & re-test scenario (Bullish)
Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. As price is again rejecting the 1.3740 key resistance zone with a bearish doji took over previous high, that indicates some sellers in the market trying to control it below the zone. If we notice further 'attempt' trying to break above the high but fail, that could signal some rollover towards 1.37 - 1.3620 support zones (Bearish)
2. To validate any breakout long setup, we need to see 1.3740 key daily resistance to be breached, then we can take it with a break & re-test scenario (Bullish)
Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
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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.