GBPUSD 30min Analysis February 3rd, 2021
Price is still in a strong downtrend but we are close to our demand zone of 1.3610.
Trade Scenario 1: Bearish - For us to go short we need to wait for another clear LH. Our strongest zone will be a retrace back to 1.3660. We will then look for strong bearish setups off this zone to go short.
Trade Scenario 2: Bullish - For us to go long we need to see price find support around our demand zone of 1.3610. This will form a nice double bottom to enter on. We will wait for a bit of consolidation to form and enter on strong bullish setups.
Trade Scenario 1: Bearish - For us to go short we need to wait for another clear LH. Our strongest zone will be a retrace back to 1.3660. We will then look for strong bearish setups off this zone to go short.
Trade Scenario 2: Bullish - For us to go long we need to see price find support around our demand zone of 1.3610. This will form a nice double bottom to enter on. We will wait for a bit of consolidation to form and enter on strong bullish setups.
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