GBPUSD has hit top of daily channel with excessive (See ).
This likely suggests that buyers could have cashed out since price has not moved up for the past 2 days.
I see this formation as being weak and I will be looking for short opportunities above 1.3570.
What I will look out for?
1. Weak break out above last week high on LOW
2. Mid to high bar, high spread closing on the lows.
3. Will enter upon completion of 2)
4. Will target low of channel as profit target, risking about 100 pips to make about 500 pips.
Will keep you guys posted.
Will be tough for GBPUSD to head higher with the high volume selldown at the top of the ed channel. The path of least resistance should be bear in the upcoming week.
Still holding on to my shorts from 1.3490.
My stops are at 1.37.
TP will be close to 1.3050.
Last week's multiple effort to move GBPUSD higher failed.
Even with excessive (Black) volume, price still did not manage to break above the ED H4 channel it is trading in.
With that high effort and no results, I expect lower prices still for GBPUSD to around 1.3 - 1.31 this week.
Price might bounce up today.
Setup is still safe as long as price continues to trend within ED channel.
Good luck, we are riding on +240 pips of profit, another 200 pips to my eventual target profit.