GBPUSD - Correction and then continuation to the downside?
Hello traders,
Today we will do an analysis for GBPUSD. This pair is in a down trend on the daily timeframe that started on the 23th of January. Now, it is doing a corrective move from the last big impulse to the downside. The most probable scenario for this one is a pullback to the blue rectangle marked on the chart that coincides also with 70,5% retracement and then a continuation to the downside. However because the last impulse was sharp it can turn to the downside faster than anticipated and the price may not reach that area.
Another scenario that we are not considering as high probability right now is a reversal to the upside where the price must break the black trendline and the line marked as “high to break” on the chart, for us to wait for a retracement and then search for buy entries.
Please don't jump in, wait for your setups, no matter what, and don't risk more than 1% of your capital.
Today we will do an analysis for GBPUSD. This pair is in a down trend on the daily timeframe that started on the 23th of January. Now, it is doing a corrective move from the last big impulse to the downside. The most probable scenario for this one is a pullback to the blue rectangle marked on the chart that coincides also with 70,5% retracement and then a continuation to the downside. However because the last impulse was sharp it can turn to the downside faster than anticipated and the price may not reach that area.
Another scenario that we are not considering as high probability right now is a reversal to the upside where the price must break the black trendline and the line marked as “high to break” on the chart, for us to wait for a retracement and then search for buy entries.
Please don't jump in, wait for your setups, no matter what, and don't risk more than 1% of your capital.
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