ForexDaGoat

ForexDaGoat Updated 

Price was unable to break previous high sitting at .74548 with the bears taking control at .74439 continuing the bearish trend, breaking the small uptrend created last week. I am expecting price to retest the bearish trendline at .74275 and from there the bears will take control with price heading towards .73785.

ForexDaGoat

With the overall pressure to the downside price is expected to retest price resistance structure located at .69108. A Rejection of this resistance level will ten created a possible head and shoulders pattern sending the price to the downside with a possible target of 0.688888. Wait for the retest before entering any trades.

ForexDaGoat

GBP will be testing support level 1.32400, if structure holds, a strong bounce can be seen towards 1.33120. Otherwise a break of this zone may head to the downside towards 1.31249 Waiting patiently to see the reaction of this zone for potential long execution.

ForexDaGoat

R3 Resistance at 1.6632 possible double top. Lower highs being created with exhaustion candle wicks, wick rejection of R3 Resistance structure. If previous structural support holds we can expect price to return to R3 Resistance Zone 1.6632 and a break to the upside. 100 EMA 200 EMA 89 EMA cut price to the upside. Hold trade until next structural support.

ForexDaGoat Updated 

R3 Resistance at 1.6632 possible double top. Lower highs being created with exhaustion candle wicks, wick rejection of R3 Resistance structure. Go for Short, Close half of position at previous support structure 1.16000. IF previous support structure 1.160000 is broke, price may travel to S3/S4 support located at 1.15449. If previous structural support holds we...

ForexDaGoat

Exhaustion candles present at prior structure zone. Pullback is complete. Take profit next structure zone.

ForexDaGoat

GBPUSD Short. Price is at a strong structure which has required large candles to break. Fibonacci retracement 0.618 placed short 5:1 to last structure zone. Price is oversold on both RSI and Stochastic.

ForexDaGoat

If price can break through these minor areas of demand we can possibly see 108.239. Keep in mind there is a DBR at 108.381. I recommend if you are going to sell the downwards rally to set your stop loss at the last swing low. Monitor trend with your Renko Charts.