The plan for GBPUSD worked better on Friday. I was bullish GBPUSD also, for a higher low than a move higher. I was looking for price to reject the BZ for a move to the support below before the up.
Indeed, market came down initially, to the first support and rallied to the top of the PZ for 30 pips, before it moved lower, but found support and recovered half way. This morning, GBPUSD gapped down 20 pips but has since moved higher.
I will be patient with the FX pairs today.
Overall price action is bearish on Friday and trend is down. But I will only be interested in short from 1.2590-60 resistance zone for a move to 1.2554 (PZ), 1.2530 (WBZ) and 1.2500 (Friday's low).
If however, 1.2500 trades first, similar to EURUSD, I would like to look for a possible double bottom to go long to target 1.2580 and this would likely be a near term low for a move higher.
Indeed, market came down initially, to the first support and rallied to the top of the PZ for 30 pips, before it moved lower, but found support and recovered half way. This morning, GBPUSD gapped down 20 pips but has since moved higher.
I will be patient with the FX pairs today.
Overall price action is bearish on Friday and trend is down. But I will only be interested in short from 1.2590-60 resistance zone for a move to 1.2554 (PZ), 1.2530 (WBZ) and 1.2500 (Friday's low).
If however, 1.2500 trades first, similar to EURUSD, I would like to look for a possible double bottom to go long to target 1.2580 and this would likely be a near term low for a move higher.
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.
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.