Hey Traders, this week we will be monitoring GBPUSD . Putting all recent price action and the drop in bullish momentum in to perspective, GBPUSD is poised to face a confluence of resistance at 1.3600 - 1.3625.
NB: A confluence of resistance or support is simply an intersection of two or more key levels. Market participants are more likely to gather around an area that involves two or more factors rather than an area with just one.
The aforementioned price zone coincides with the fib's golden ratio (61.8%) drawn from swing high to swing low and the down trendline. I expect price to retest this key level and should the market fail to break the bearish market structure from a daily perspective, I will be shorting the pair.
Take Profit 1: 1.3450
Take Profit 2: 1.3350
Take Profit 3: 1.3200
Stop Level: 40-50 pips above entry price
Happy Trading Week Ahead and a Pipful 2022!
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NB: A confluence of resistance or support is simply an intersection of two or more key levels. Market participants are more likely to gather around an area that involves two or more factors rather than an area with just one.
The aforementioned price zone coincides with the fib's golden ratio (61.8%) drawn from swing high to swing low and the down trendline. I expect price to retest this key level and should the market fail to break the bearish market structure from a daily perspective, I will be shorting the pair.
Take Profit 1: 1.3450
Take Profit 2: 1.3350
Take Profit 3: 1.3200
Stop Level: 40-50 pips above entry price
Happy Trading Week Ahead and a Pipful 2022!
Please like and leave a comment.
