GBP/USD Trading Idea: Setting Up a Sell Position with Technical
Hello, Everyone!
I’m setting up a sell position on GBP/USD for several reasons. The market has been struggling to move upward, and it seems poised to fall either today or tomorrow. I’ve been observing this pair throughout the trading week to predict its direction. So far, so good—this pair has shown resistance and has reacted well to key levels. Here’s why I’m confirming the sell trade based on two main factors:
Factor 1: Technical Analysis
GBP/USD has formed a strong resistance zone, and the pair has tested this zone twice, confirming its strength. After reacting to this level, the pair has left enough space to create a potential entry for a sell position. This technical structure provides a solid setup for the trade.
Factor 2: Fundamental Analysis
Today, two key pieces of economic news are set to be released: Flash Manufacturing PMI and CBI Realized Sales. These announcements could potentially drive GBP/USD downward, adding fundamental support to the sell bias.
This is the thought process behind my trade. Let’s see how the market plays out. Good luck, and happy trading!
I’m setting up a sell position on GBP/USD for several reasons. The market has been struggling to move upward, and it seems poised to fall either today or tomorrow. I’ve been observing this pair throughout the trading week to predict its direction. So far, so good—this pair has shown resistance and has reacted well to key levels. Here’s why I’m confirming the sell trade based on two main factors:
Factor 1: Technical Analysis
GBP/USD has formed a strong resistance zone, and the pair has tested this zone twice, confirming its strength. After reacting to this level, the pair has left enough space to create a potential entry for a sell position. This technical structure provides a solid setup for the trade.
Factor 2: Fundamental Analysis
Today, two key pieces of economic news are set to be released: Flash Manufacturing PMI and CBI Realized Sales. These announcements could potentially drive GBP/USD downward, adding fundamental support to the sell bias.
This is the thought process behind my trade. Let’s see how the market plays out. Good luck, and happy trading!
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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.
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.