GBPUSD - July 16 2024
Technical:
1. Strong uptrend in all timeframes.
2. Strong momentum.
3. It is at resistance.
4. 1H - Consolidation and no momentum either side.
5. So far no confirmation to go any side in both 4H and 1H.
Fundamental:
1. USD data very negative so far.
2. Powell gave few good words about US economy but that won't help to go down.
3. GBP - No economic data for today.
4. USD - Red data at 6Pm.
Game plan:
1. both buy and sell.
2. Sell - Double top, Rejections, 4h/1H candle confirmation, Medium risk
Trail SL.
3. Buy - Go at marked levels. Based on confluence and confirmation, choose risk.
4. If it breaks resistance with strong bullish candle, go for trade.
5. Conservative sell - Wait for break and retest at 1.29612, then go for sell
based on rejections candles.
6. US economic data may help to break above and go.
Note: If you are in trade, exit before US economic data release. or after the data out, take entry based on situation.
Hint: Mostly it would go up ;P
1. Strong uptrend in all timeframes.
2. Strong momentum.
3. It is at resistance.
4. 1H - Consolidation and no momentum either side.
5. So far no confirmation to go any side in both 4H and 1H.
Fundamental:
1. USD data very negative so far.
2. Powell gave few good words about US economy but that won't help to go down.
3. GBP - No economic data for today.
4. USD - Red data at 6Pm.
Game plan:
1. both buy and sell.
2. Sell - Double top, Rejections, 4h/1H candle confirmation, Medium risk
Trail SL.
3. Buy - Go at marked levels. Based on confluence and confirmation, choose risk.
4. If it breaks resistance with strong bullish candle, go for trade.
5. Conservative sell - Wait for break and retest at 1.29612, then go for sell
based on rejections candles.
6. US economic data may help to break above and go.
Note: If you are in trade, exit before US economic data release. or after the data out, take entry based on situation.
Hint: Mostly it would go up ;P
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.