Short

GBPUSD Double Top| Local S/R| Daily S/R| Price Action

Evening Traders,

Today’s analysis – GBPUSD – trading at a key trade location where a deviation towards the downside is probable,

Points to consider,
- Price Action Impulsive
- Double Top Resistance
- Local S/R Objective
- Volume Influx

GBPUSD’s immediate price action is impulsive, trading at a key trade location where a rejection is probable.

A swing failure of the highs will increase the probability of a continuation to the downside.

The immediate objective is the Local S/R, exceeding this level will increase the probability of further downside to the Daily S/R.

There is a strong volume influx however with low volume follow through, this is suggestive of weakness.

Overall, in my opinion, FBPUSD is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps,

Thank you for following my work

And remember,

“If you can learn to create a state of mind that is not affected by the market’s behavior, the struggle will cease to exist.” – Mark Douglas

The_Alchemist_Trader_

Join the Free Trading Group

Telegram: t.me/freetradingden 🔥

Unlock Blofin Bonuses

Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁

Stay sharp, trade smart.
— Team The Alchemist ⚔️

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

The_Alchemist_Trader_

Also on: