By looking into the daily and the weekly chart of GBPUSD, we can see price approach a very major weekly resistance level.
I don't trade support and resistance in fact I try to observe in which behavior market is approaching to any level.
If we look on the daily and weekly chart, we can clearly see that this whole uptrend is very slow and is corrective in nature, and current situation looks like ending structure to me.
Notice how price stop making further higher highs.
All the confluences indicating the sharp bearish move will come and start any time before the long move up.
Swing traders can look for 1.32 area as a target if you get a sell setup.
Market can go both ways because of it's fractal nature, but the higher probability chance is toward the downside to me.
Trade your own plan and wish u best of luck guys!
I don't trade support and resistance in fact I try to observe in which behavior market is approaching to any level.
If we look on the daily and weekly chart, we can clearly see that this whole uptrend is very slow and is corrective in nature, and current situation looks like ending structure to me.
Notice how price stop making further higher highs.
All the confluences indicating the sharp bearish move will come and start any time before the long move up.
Swing traders can look for 1.32 area as a target if you get a sell setup.
Market can go both ways because of it's fractal nature, but the higher probability chance is toward the downside to me.
Trade your own plan and wish u best of luck guys!