GBPUSD WEEKLY OUTLOOK
There will be numerous major news for this pair this week. The US dollar will fall based on technical analysis, a higher timeframe structure and economic news. I am anticipating a 200+ pips drop to 1.21000. After a failed HH on the 4H timeframe, the price consolidated. I am waiting for a lower timeframe change of structure and confirmation to enter this trade. However, I will advise Traders to proceed cautiously this week, as it is NFP week.
Trade closed manually
A short trade was placed at the LH zone. A bearish engulfing candlestick pattern was shown on the 1H timeframe for entry. I took 100pips from this trade, but the price did not drop lower to the mark areas. As seen in the 4H timeframe, the price is ranging. I will not be trading for the rest of the week until price shows me the direction it wants to move. Also, this Friday is NFP. Therefore, there will be high volatility of liquid sweeps before price moves.
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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.