GBPUSD Sideways Consolidation and Potential Breakout Moves
GBPUSD is currently in a sideways consolidation on the 1-hourly chart, presenting a potential for an expansion move or breakout in the coming week. Should the market break out to the upside, there are two potential shorting opportunities to consider.
Analysis:
- Sideways Consolidation: GBPUSD is in a range-bound phase on the 1-hourly chart.
- Potential Breakout: Watch for an expansion move.
Shorting Opportunities:
Traditional Resistance Level:
- Level: 1.2662
Strategy: Look for Magic Candle Confirmation around this resistance level to enter a short position.
Bearish Gartley Pattern:
- Completion Level: 1.2677
- Strategy: Monitor for the Bearish Gartley pattern completion and confirm with bearish signals to enter a short position.
Strategy:
- Monitor Breakout: Pay close attention to the price action for a breakout, should the market breakout to the upside, there are 2 resistance level you have to take note.
Shorting Levels:
- 1.2662: Traditional resistance level.
- 1.2677: Bearish Gartley pattern completion.
- Confirmation: Ensure to look for confirmation signals (such as bearish candlestick patterns or other technical indicators) before entering a short position.
- Risk Management: Use appropriate stop-loss levels to manage risk, and not risking more than 1% of your equity.
- Stay alert and be ready to act on these potential setups. What’s your take on GBPUSD?
Do you see any other potential setups or insights? Share your thoughts and strategies below!
Analysis:
- Sideways Consolidation: GBPUSD is in a range-bound phase on the 1-hourly chart.
- Potential Breakout: Watch for an expansion move.
Shorting Opportunities:
Traditional Resistance Level:
- Level: 1.2662
Strategy: Look for Magic Candle Confirmation around this resistance level to enter a short position.
Bearish Gartley Pattern:
- Completion Level: 1.2677
- Strategy: Monitor for the Bearish Gartley pattern completion and confirm with bearish signals to enter a short position.
Strategy:
- Monitor Breakout: Pay close attention to the price action for a breakout, should the market breakout to the upside, there are 2 resistance level you have to take note.
Shorting Levels:
- 1.2662: Traditional resistance level.
- 1.2677: Bearish Gartley pattern completion.
- Confirmation: Ensure to look for confirmation signals (such as bearish candlestick patterns or other technical indicators) before entering a short position.
- Risk Management: Use appropriate stop-loss levels to manage risk, and not risking more than 1% of your equity.
- Stay alert and be ready to act on these potential setups. What’s your take on GBPUSD?
Do you see any other potential setups or insights? Share your thoughts and strategies below!
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