GBPUSD - To Break Lower
GBPUSD H1:
Lots of confluence on GBPUSD here points to a break lower.
Here we have a rejection of the 4 hour descending TL (on the 4 hour chart this also lines up with a rejection of the 100 EMA) The bullish push on the last hour candle I believe is one last run up before price continues its decline. 1.38 is holding as an area of support but if this breaks I believe we will see sub-1.38 prices today.
With 1.39 holding as such strong psychological resistance i am definitely in favour of further bearish movement.
The short position tool added to my chart highlights an excellent R:R of 1:4 with the target being at the 1.37500 mid-psychological level.
let's see how this plays out! Hopefully some USD strength on New York open can provide further momentum to reaching target.
Lots of confluence on GBPUSD here points to a break lower.
Here we have a rejection of the 4 hour descending TL (on the 4 hour chart this also lines up with a rejection of the 100 EMA) The bullish push on the last hour candle I believe is one last run up before price continues its decline. 1.38 is holding as an area of support but if this breaks I believe we will see sub-1.38 prices today.
With 1.39 holding as such strong psychological resistance i am definitely in favour of further bearish movement.
The short position tool added to my chart highlights an excellent R:R of 1:4 with the target being at the 1.37500 mid-psychological level.
let's see how this plays out! Hopefully some USD strength on New York open can provide further momentum to reaching target.
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