GBPUSD: Bearish Momentum Post-CPI Revisions
Updated
Following Friday's CPI revisions, GBPUSD showcases a clearly defined channel, accentuated by a false breakout on the upper channel during Monday's early session. Anticipating a short trade post-breakout of the lower channel, I'll be vigilant for entry signals on lower timeframes, seeking confirmation through the following confluences:
Trade Safe
- Bearish Price Action
- Bearish Candle Formation
- High Volume Candle
- Divergence between Price Action and Volume
- Divergence between Price Action and Money Flow Index
- Utilization of Volume Profile to pinpoint Fine-Tuned Support and Resistance for optimal Take Profit and Stop Loss Placement.
Trade Safe
Note
probability of break out of lower channel became lower as the price went up
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