Overall Trend & Context:
The
GBPUSD pair is in an overall downtrend on the higher time frames and lower time frames are in alignment.
Technical Findings:
Price broke below all EMA's - is now consolidating below.
Keep an eye on LTF supply levels between 1.24635 - 1.24530 (within 4h supply).
Bullish price action appears inherently weaker against the bears.
Potential Scenarios:
For now I will only be considering shorts.
Trade is active at 1.24150.
The
GBPUSD pair is in an overall downtrend on the higher time frames and lower time frames are in alignment.Technical Findings:
Price broke below all EMA's - is now consolidating below.
Keep an eye on LTF supply levels between 1.24635 - 1.24530 (within 4h supply).
Bullish price action appears inherently weaker against the bears.
Potential Scenarios:
For now I will only be considering shorts.
Trade is active at 1.24150.
Trade active
LTF price action has not given confirmation yet. 1h rejection looks good, divergence on the RSI (was worth executing based on LTF suggestions and HTF trend)Note
LTF internal structure failed to the downside.Price is at extreme LTF demand - Trade is at BE now, all is well.
Order cancelled
Stopped at BE
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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.
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.