The level to go short from (in view of Wednesday's bearish price action and down trend) yesterday (tradingview.com/chart/GBPUSD/KUix4u0x-GBPUSD-07122023/) gave a good 40 pips down move. However it did not hit the lower support level but instead, market made a double bottom and moved higher, almost back to Wednesday's high. Also, GBPUSD looked to have broken out from the down sloping channel, which signify a change in the trend, to the upside.
Bullish price action though price still close below the BZ. Both directions are playable, though I am inclined towards the upside. From current price, we can see that it is stuck between the PZ and BZ. Market might give a dip but IMO 1.2554 would be the level to watch for a bullish reversal candle to go long, targeting 1.2600, 1.2622 and 1.2652.
Bullish price action though price still close below the BZ. Both directions are playable, though I am inclined towards the upside. From current price, we can see that it is stuck between the PZ and BZ. Market might give a dip but IMO 1.2554 would be the level to watch for a bullish reversal candle to go long, targeting 1.2600, 1.2622 and 1.2652.
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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.