Hello fellow traders, GBPUSD has broken away from the supply zone and continues with the bearish trend.
I managed to get a short trade entry at 1.2230 upon breakout and retest of the supply zone.
My profit target is 1.2093 with 1:3 risk to reward ratio.
Here's my analysis of GBPUSD.
1) GBPUSD is predominantly in a down trend.
2) It's curently at a strong support turned resistance zone.
3) It's retraced to 50% FIB of the previous impulse to the downside.
4) There are 2 possible scenarios from here.
a) For it to go bullish it must close above this zone and then retest it before moving upwards
b) For it...