GBP/USD SHORT: Possible revisit of 1.17000?
Hi guys!
Please don't forget to LIKE & COMMENT on my post for me to see what you think about my ANALYSIS :)
This will be my official 2nd analysis on a Pair which I will share with you here on Tradingview.
On the chart displayed is the 1H timeframe. We can see that the sterling finally broke out of the more than 6 Day consolidation box.
We also successfully retested the 200 MA (Orange), which should force the pair back up to re-test the previously broken S/R & Box at around 1.23200.
If we do achieve this re-test, it should push down G/U through the 200 MA & testing the WEEKLY S/R @ 1.12500. This test of STRONG previous S/R should then let the pair
bounce back up to get rejected by the mini RESISTANCE @1.21500 & the 200 MA (continuation drawn in PURPLE).
After this final re-test we should see the Sterling fall through the floor to possibly revisit the 1.17000 area where I'll be looking to take profit & close my SHORT positions completely.
These are just my thoughts on the possible SHORT set-up that resulted though my analysis of the chart, I would love to hear your thoughts about it below! :)
P.S: Please don't be too hard on me, I'm still fairly new to this, however any sort of feedback is much appreciated ;)!
Take care guys! Hope you had a lovely weekend & are as excited as I am to dive back into the markets tomorrow!
Noel Schwarz, WyredFX
Please don't forget to LIKE & COMMENT on my post for me to see what you think about my ANALYSIS :)
This will be my official 2nd analysis on a Pair which I will share with you here on Tradingview.
On the chart displayed is the 1H timeframe. We can see that the sterling finally broke out of the more than 6 Day consolidation box.
We also successfully retested the 200 MA (Orange), which should force the pair back up to re-test the previously broken S/R & Box at around 1.23200.
If we do achieve this re-test, it should push down G/U through the 200 MA & testing the WEEKLY S/R @ 1.12500. This test of STRONG previous S/R should then let the pair
bounce back up to get rejected by the mini RESISTANCE @1.21500 & the 200 MA (continuation drawn in PURPLE).
After this final re-test we should see the Sterling fall through the floor to possibly revisit the 1.17000 area where I'll be looking to take profit & close my SHORT positions completely.
These are just my thoughts on the possible SHORT set-up that resulted though my analysis of the chart, I would love to hear your thoughts about it below! :)
P.S: Please don't be too hard on me, I'm still fairly new to this, however any sort of feedback is much appreciated ;)!
Take care guys! Hope you had a lovely weekend & are as excited as I am to dive back into the markets tomorrow!
Noel Schwarz, WyredFX
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