GBPUSD analysis and potential entry opportunities
My bias for GBPUSD was that "when price reaches 1.3500, look to entre sell if broken through" and "Buy on 1.35500 if show of a rejection and reversal candle stick".
As you can see the support level of 2.35500 was rejected and showed multiple reversal candlesticks and bullish pattern in the previous trading week.
I was thinking the market would come again to test the support but GBP was just to strong against the dollar and kept going up . I was able to find a significant level of Resistance 1.36000.
The resistance gave me the same set up I would have taken on the 1.35500 level, if the the market was to breakthrough the resistance level and retest I would entre a buy trading as it creates a
new HH.
The trade as you can see gave great confluence of a continuation to the upside for GBP as it made a correction on the now Resistance turned support level of 1.3600.
I will be aiming to take profit at the significant resistance level 1.37000
As you can see the support level of 2.35500 was rejected and showed multiple reversal candlesticks and bullish pattern in the previous trading week.
I was thinking the market would come again to test the support but GBP was just to strong against the dollar and kept going up . I was able to find a significant level of Resistance 1.36000.
The resistance gave me the same set up I would have taken on the 1.35500 level, if the the market was to breakthrough the resistance level and retest I would entre a buy trading as it creates a
new HH.
The trade as you can see gave great confluence of a continuation to the upside for GBP as it made a correction on the now Resistance turned support level of 1.3600.
I will be aiming to take profit at the significant resistance level 1.37000
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