GBPUSD Trade Idea

21 thg 12, 2020

GU had previously formed a descending channel (continuation pattern), breaking the 1.3470 key level and pushed higher. In Friday's (18th) forecast, I expected GU to pullback towards 1.3465 for further bullish continuation as the market was over-extended. However, today GU gapped down pierced through the support, this could indicate weakness in the pair OR market indecision. Currently looking for short-term short opportunities if GU performs some pullback, with 1.3290 - 1.33 as primary target. If 1.33 support zone is violated, looking for further bearish momentum towards 1.3170.

Trade safe.