Hi Traders!
There is a potential rising wedge here on the GBPUSD chart; however, the market has been trading sideways for the past couple of days.
Depending on its next direction, the market will either break the supply or demand zones. That being said, there is a bearish bias here due to the lack of upside momentum after the big price rejection spikes we had that led to the double bottom pattern. The upside reversal move failed to break the supply zone just below the 1.28000 area due to a lack of new buyers in the market.
The bears look like they have control here, so we are looking for confirmation of this, which is a break below the support line of the rising wedge and then a potential break of the demand zone at the 1.26900 area.
Please do not forget to like, comment, and follow, as your support greatly helps.
Thank you for your support.
BluetonaFX
There is a potential rising wedge here on the GBPUSD chart; however, the market has been trading sideways for the past couple of days.
Depending on its next direction, the market will either break the supply or demand zones. That being said, there is a bearish bias here due to the lack of upside momentum after the big price rejection spikes we had that led to the double bottom pattern. The upside reversal move failed to break the supply zone just below the 1.28000 area due to a lack of new buyers in the market.
The bears look like they have control here, so we are looking for confirmation of this, which is a break below the support line of the rising wedge and then a potential break of the demand zone at the 1.26900 area.
Please do not forget to like, comment, and follow, as your support greatly helps.
Thank you for your support.
BluetonaFX
Note
There was another squeeze in a final attempt to break above the supply zone but it was rejected again. The market has now broken to the downside and we have reached the demand zone. We will now see how the market behaves here.
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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.
JOIN OUR FREE TELEGRAM CHANNEL
t.me/bluetonaFX
t.me/bluetonaFX
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.