Hello my friends,
This is a new week and we are going to start it fresh.
The last 4hr candle close of GBPUSD has catched my attention because it was rejected fiercely from the 61.8 fibonacci level and closed with a bearish engulfng candle.
I could say that sellers was defending this area and we could see GBPUSD go lower as long as this area hold.
We could also assume the recent downward movemnt wave A / wave 1.
This rejection could be the beginning of Wave-3 or Wave C.
Let's see how it turned out later but for now we could try taking a sell position with SL above the recent candle high at 1.3250.
If price managed to take out the recent high than this analysis become invalid.
Sell GBPUSD 1.3205
Stop loss 1.3250
Take profit 1.3070 (3R)
RR ratio 1 : 3
Use only 1-2% risk
Good luck
This is a new week and we are going to start it fresh.
The last 4hr candle close of GBPUSD has catched my attention because it was rejected fiercely from the 61.8 fibonacci level and closed with a bearish engulfng candle.
I could say that sellers was defending this area and we could see GBPUSD go lower as long as this area hold.
We could also assume the recent downward movemnt wave A / wave 1.
This rejection could be the beginning of Wave-3 or Wave C.
Let's see how it turned out later but for now we could try taking a sell position with SL above the recent candle high at 1.3250.
If price managed to take out the recent high than this analysis become invalid.
Sell GBPUSD 1.3205
Stop loss 1.3250
Take profit 1.3070 (3R)
RR ratio 1 : 3
Use only 1-2% risk
Good luck