Overall still in a downtrend, had to refer all the way back to the monthly chart. Price broke out of channel just to retest broken monthly level (1.36500) then quickly went back down. False breakout of channel, now price came back within & is still headed back down. We should see some downside momentum ahead of us, & a weekly pin bar is also rejecting strong resistance level. Could see a potential long term short with Lower lows & lower highs forming, will open 2 positions & leave one running for a long time! Some times you have to look back to the monthly chart just to get some key information!
Trade with care! : )
Trade with care! : )
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Monthly Outlook
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LL= Lower low LH= Lower high btw
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4 hour view:
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GBP PMI numbers will be released a 3 hours plus.. I will look for a break to the downside potentially then & have an entry pending
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