short GBP/USD
Forming Bias:
5/2/21
Monthly: price is over extended and is showing signs of reversal at a previous high. looks like it could retrace to 1.35 or lower
Weekly: price rejected from previous high retraced and is now showing signs of reversal again.
Daily: Double top at a level that was tested 6 times then a bullish maribozu.
Bias: price is overextended on the 4 hour and showing signs of reversal so after the retracement is over I expect the price to fall to 1.35, partial take profit at 1.37.
Reasons for entry:
4 hour retracement looks to be over when it made a lower high at the 78.6 fib and is making stronger bearish candles after printing a large wick and a doji followed by a bearish engulfing at a previously tested level.
DXY making higher highs and higher lows
5/2/21
Monthly: price is over extended and is showing signs of reversal at a previous high. looks like it could retrace to 1.35 or lower
Weekly: price rejected from previous high retraced and is now showing signs of reversal again.
Daily: Double top at a level that was tested 6 times then a bullish maribozu.
Bias: price is overextended on the 4 hour and showing signs of reversal so after the retracement is over I expect the price to fall to 1.35, partial take profit at 1.37.
Reasons for entry:
4 hour retracement looks to be over when it made a lower high at the 78.6 fib and is making stronger bearish candles after printing a large wick and a doji followed by a bearish engulfing at a previously tested level.
DXY making higher highs and higher lows
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