GBPUSD bearish weekly reversal candle
US dollar strength continues to dominate as Non-Manufacturing PMI dominates beating expectations coming out at 61.6. This shows continued economic expansion. Over on the equities side, amazon voluntarily raised worker wages to $15 an hour ahead of minimum wage. While this is somewhat a surprising move, it is a sign that the US labor market is tightening and worker retention becomes ever more important. However, I approach this pair from a technical standpoint.
Over on the weekly timeframe, two weeks ago we see a huge doji candle that signals the lack of further buying pressure. Last week would've been the most ideal shorting spot, but admittedly I was late in my entry. Over on the longer time frame, I definitely see a foreseeable bearish trend for the weeks ahead. i will be updating this post with lower time frame analysis.
Over on the weekly timeframe, two weeks ago we see a huge doji candle that signals the lack of further buying pressure. Last week would've been the most ideal shorting spot, but admittedly I was late in my entry. Over on the longer time frame, I definitely see a foreseeable bearish trend for the weeks ahead. i will be updating this post with lower time frame analysis.
Note
Over on the 4-hour timeframe, this is where my sell entry is. I sold this pair as the 4-hour TF tested a resistance level. This could be viewed as a shorter term intra-day swing trade setup where price has pulled back and made a new low. I essentially sold this pair as price made a relative high again.
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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.