GBPUSD - July 16 2024

7月16日

Technical:
1. Strong uptrend in all timeframes.
2. Strong momentum.
3. It is at resistance.
4. 1H - Consolidation and no momentum either side.
5. So far no confirmation to go any side in both 4H and 1H.

Fundamental:
1. USD data very negative so far.
2. Powell gave few good words about US economy but that won't help to go down.
3. GBP - No economic data for today.
4. USD - Red data at 6Pm.

Game plan:
1. both buy and sell.
2. Sell - Double top, Rejections, 4h/1H candle confirmation, Medium risk
Trail SL.
3. Buy - Go at marked levels. Based on confluence and confirmation, choose risk.
4. If it breaks resistance with strong bullish candle, go for trade.
5. Conservative sell - Wait for break and retest at 1.29612, then go for sell
based on rejections candles.
6. US economic data may help to break above and go.

Note: If you are in trade, exit before US economic data release. or after the data out, take entry based on situation.

Hint: Mostly it would go up ;P