Over the past 3 days GBPUSD has put on a rally forming a pattern called the "Three White Soldiers". This is a strong rare formation in FX pairs indicating that we are ready to go bullish. However, you can see in the chart it has formed this pattern straight into a strong area of supply.
With low liquidity from it being the holiday season and no macro environment movement worth mentioning, GBPUSD looks like it is trying to trap traders.
I can see this pair going sideways for a couple of weeks, then followed by a strong break of either the 1.32 to the downside, or the 1.35 to the upside.
Let me know which way you think this pair is heading and why!
With low liquidity from it being the holiday season and no macro environment movement worth mentioning, GBPUSD looks like it is trying to trap traders.
I can see this pair going sideways for a couple of weeks, then followed by a strong break of either the 1.32 to the downside, or the 1.35 to the upside.
Let me know which way you think this pair is heading and why!
The5ers Funding Forex Traders & Growth Program. Get Funded with up to $2.56M
We Trade Forex - Come Join Us!
the5ers.com
We Trade Forex - Come Join Us!
the5ers.com