GBPUSD Daily Analysis
W - Neutral, price made a large rejection candle at the support
D - Bearish, price has been in a bear trend. I will be prepared for the trend to change soon. possibly a push up to 1.39 area and then a push back down to the 1.375 area to form a inverted head and shoulders
DXY - Neutral, price is at the neckline of a DB pattern and is approaching the resistance with little momentum while also inside an ascending wedge pattern.
Swing entries -
price is too all over the place, no clear direction for a longer term trade
Scalping entries -
We may have already missed the move. price is looking a bit over extended however if it retraces that means this move up has less momentum then the previous moves at the same price. I would like to see a break and retest of the 1.383 area, but I don't expect that will happen today.
D - Bearish, price has been in a bear trend. I will be prepared for the trend to change soon. possibly a push up to 1.39 area and then a push back down to the 1.375 area to form a inverted head and shoulders
DXY - Neutral, price is at the neckline of a DB pattern and is approaching the resistance with little momentum while also inside an ascending wedge pattern.
Swing entries -
price is too all over the place, no clear direction for a longer term trade
Scalping entries -
We may have already missed the move. price is looking a bit over extended however if it retraces that means this move up has less momentum then the previous moves at the same price. I would like to see a break and retest of the 1.383 area, but I don't expect that will happen today.
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