GBPUSD on the 4h chart reached the lows of a long period downtrend.
On the weekly chart the main trend is surely bearish and the market is currently moving within 2 structure at the bottom level.
What the possible scenarios are?
Often Friday moves can be tricky and unexpected but we can see a break below the support for a new lows with the bears totally in control or a retracement to the upside above the minor resistance area.
Personally i will be waiting for the next week and clear direction in order to take a new position on this pair.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
On the weekly chart the main trend is surely bearish and the market is currently moving within 2 structure at the bottom level.
What the possible scenarios are?
Often Friday moves can be tricky and unexpected but we can see a break below the support for a new lows with the bears totally in control or a retracement to the upside above the minor resistance area.
Personally i will be waiting for the next week and clear direction in order to take a new position on this pair.
------
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
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New low on GU
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a 150 pips call here
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huge drop here
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retrace at the 0.618 Fibonacci level
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test of the 0.618 and looking for a lower low
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possible retest of the 0.786
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new expectation
