GBPUSD Possible Idea

Jan 26

Due to the pair consistently breaking lows and respecting highs on the daily timeframe, it was then evident that it is over all bearish. It recently broke the latest low on the daily timeframe, where it preceded to form a rising wedge to induce liquidity on both sides withing the daily range. Price has recently broke out of the wedge to the upside to mitigate a supply area just above it. This then could be the liquidity price could use to fuel its move to the downside to take out liquidity below the wedge as well as liquidity resting beneath our most recent low.

Feb 11

Trade closed manually

Dxy has shown all signs of bearishness both technically and fundamentally, which directly affects all dollar pairs including this one. As a result, this idea no longer holds as GU is potentially about to shift to bullish structure, thus invalidating this setup.