Hello Traders and welcome to Illyrian Finance,
regarding the pound and in particular the
GBPUSD cross on monthly timeframe we have a strong rejection from a candle closing in 2 days probably in inverted hammer signaling a downtrend.
Levels to watch for possible buying are 1.165-1.175 where the pound can bounce creating an inverted head and shoulders that could push prices towards 1.26 and 1.30.
It would be best to trade based on a move already created but for the more experienced consider a short from here with take profit in the 1.175-1.165 area could be a good opportunity.
Thank you all for the support!
Visit our website for mentorship and other services.
regarding the pound and in particular the
GBPUSD cross on monthly timeframe we have a strong rejection from a candle closing in 2 days probably in inverted hammer signaling a downtrend. Levels to watch for possible buying are 1.165-1.175 where the pound can bounce creating an inverted head and shoulders that could push prices towards 1.26 and 1.30.
It would be best to trade based on a move already created but for the more experienced consider a short from here with take profit in the 1.175-1.165 area could be a good opportunity.
Thank you all for the support!
Visit our website for mentorship and other services.
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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.
Related publications
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.