Friday, market tested Thursday's low and bounced strongly to close the day at the highs. Weekly wise, GBPUSD posted a green close. Could a near term low be in?
Price opened above the PZ but below the DBZ, thus trend wise is neutral. I would say that, given the bullish price action on Friday and also price above the PZ, could see a break higher, but at the same time, the BZ is pointing to a possible rejection from above.
So, I probably want to trade this later than earlier. Watch 1.2192 (previous high); a rejection off there could set for another down move to test Friday's low. But if price dips first, look at 1.2114 for a reversal candle to go long for a move back to the highs.
IMO I will like to see the dip then rally.
Price opened above the PZ but below the DBZ, thus trend wise is neutral. I would say that, given the bullish price action on Friday and also price above the PZ, could see a break higher, but at the same time, the BZ is pointing to a possible rejection from above.
So, I probably want to trade this later than earlier. Watch 1.2192 (previous high); a rejection off there could set for another down move to test Friday's low. But if price dips first, look at 1.2114 for a reversal candle to go long for a move back to the highs.
IMO I will like to see the dip then rally.
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Join me for free on Patreon (patreon.com/fademeifyoucan) to receive my daily FX and indices trading plan. DM me to join my new group to learn all my trading levels and to trade together.
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.