GBPUSD 19TH FEBGBP USD following the Australian dollar. We are looking for this to continue bearish here we have clear structural breaks on the larger time frame. We have clear areas of supply above as well as filling the short-term fair value gaps and imbalances. We are expecting this bearish movement to continue to our lower target which is the previous low created.
A pretty simple breakdown for this week as we would like to just follow the trend. Remember we always look for smaller time frame setups to determine the best possible entry point. Also, if the price does go against our overall bias, we adapt and react to the market accordingly. Remember, you do not want to be too attached to your bias because it's what you want the market to do.
You always have to keep an open mind and remember that price can do as it pleases... But for me, this breakdown is pretty simple and I'm expecting continuations to the downside. If we break the high of the short-term range, we can then start to consider possibly price shifting higher. Overall we are inside of a larger downward range, so overall I am still bearish regardless of this.
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As always guys trade safe, stick to your trading plan.
I hope you all have an amazing trading week.
