British Pound / US Dollar Mark Up
GU's price is approaching a HTFZ (1.3000 - 1.3170) while in a bear channel along with bullish momentum from LTFZs and off a PPZ. If the barrier is respected then I would be bearish for the upcoming week(s).
I try not to base my analysis off of any indicators, but I will say that I noticed the RSI divergence being shown on the 4H chart as far as price is printing HHs & HLs while the RSI is showing LHs & LLs.
What I would look to do is short GBPUSD right before price reaches the next 'fresh' subsequent level (1.2195 - 1.2330) which is also a HTFZ. The 1.2400 price would more than likely be my TP which is right above a HTF diagonal support. However, since it's a nice way down I would scale price instead of riding it completely to the next zone.
If price happens to breach & ultimately engulf my barrier then I'll patiently wait to react on the opposite side. That also will give me clues to the bias possibly changing too. We shall see.
NOT TRADING ADVICE!!
I try not to base my analysis off of any indicators, but I will say that I noticed the RSI divergence being shown on the 4H chart as far as price is printing HHs & HLs while the RSI is showing LHs & LLs.
What I would look to do is short GBPUSD right before price reaches the next 'fresh' subsequent level (1.2195 - 1.2330) which is also a HTFZ. The 1.2400 price would more than likely be my TP which is right above a HTF diagonal support. However, since it's a nice way down I would scale price instead of riding it completely to the next zone.
If price happens to breach & ultimately engulf my barrier then I'll patiently wait to react on the opposite side. That also will give me clues to the bias possibly changing too. We shall see.
NOT TRADING ADVICE!!
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