GBPUSD Bearish
• Monthly Top in place at 1.42 historical Resistance with a bearish reversal candles pattern
• Sep Bearish candle with higher volume
• Weekly uptrend lost momentum and correcting
• Weekly support zone at 1.3350 to 1.35 "Green zone"
• Daily bearish double top pattern
• Daily bearish wave formation with target at 1.33 100% fib extension "Blue zone"
• 4H Resistance at 1.3660 (50% fib ret) then 1.3720 (61.8%) "Red Zone"
Bias to downside
Plan to sell high
• Sep Bearish candle with higher volume
• Weekly uptrend lost momentum and correcting
• Weekly support zone at 1.3350 to 1.35 "Green zone"
• Daily bearish double top pattern
• Daily bearish wave formation with target at 1.33 100% fib extension "Blue zone"
• 4H Resistance at 1.3660 (50% fib ret) then 1.3720 (61.8%) "Red Zone"
Bias to downside
Plan to sell high
Note
COT report of last week shows bearish bias, as non-commercial traders are more short than long and last week they added more short positionsNote
COT report shows bullish bias for USD indexNote
I may not post new trades as i am already in short positions since last week
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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.