Here is my second attempt, and dare I say it, the better analysis for a gbpusd short trade. I tried shorting this yesterday @ 1.22 with reasonable immediate success but was stopped out this morning.
In hindsight, I was looking at the lower timeframes too much and not using the bigger picture. Price is now retesting and rejecting the 1.22500 support/resistance zone which is showing as a much strong level compared to 1.22. We have the larger 4hr bearish trendline here and the 0.618 fib retracement level and the 4hr 50ema.
In my opinion, gbpusd is still bearish and this lower high is going to stay strong and price will sell off back down to the previous lows or even new lower lows at 1.20.
This is the trade I should have waited for yesterday and not entered too early. These mistakes happen.
In hindsight, I was looking at the lower timeframes too much and not using the bigger picture. Price is now retesting and rejecting the 1.22500 support/resistance zone which is showing as a much strong level compared to 1.22. We have the larger 4hr bearish trendline here and the 0.618 fib retracement level and the 4hr 50ema.
In my opinion, gbpusd is still bearish and this lower high is going to stay strong and price will sell off back down to the previous lows or even new lower lows at 1.20.
This is the trade I should have waited for yesterday and not entered too early. These mistakes happen.
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