MY GBPUSD MONTHLY SET UP

9 thg 9, 2023

On monthly The price is making lower highs and lower lows, Price is respecting lower highs and breaking lower lows. Which means the break of lower lows tell that price is willing to continue down.

Currently, on the chart, price broken the low of (02march2020) at 1.14596, and rested at 1.03553,(01sep2022) so we confirmed 1.42396 (01 June 2021) as a lower high.

Now price is returning up towards (01june2021) 1.42396 to make a collection and continue a trend down, because it showed its direction when it broke (02march 2020) low 1.14596

Also we are waiting to see price respect lower high of 01 June 2021 And continue the trend down trend

Plan is trading using a Fibo levels tool From 01sept 2022 low to 01june2021 high price ranges.

set our entry short in the middle of the discount zone( 0 to 0.25) and target at premium zone (0.75 to 1)