Possible Sell Opportunity Ahead as Price Nears Strong Resistance
Hello Traders!
Today, we'll be taking a look at GBPUSD and analyzing whether a possible sell opportunity could be on the horizon.
Firstly, we have a strong resistance level located near 1.2400 which has held up well in the past, indicating that it could be a key level for price action to react to. Additionally, there is a possible AB=CD pattern that could compete at this level, adding further confluence to our analysis.
Furthermore, we can see that the market has failed to break through this zone before, suggesting that there could be a high probability of a price reversal or retracement occurring once again.
Taking all of this into consideration, we could potentially look for sell opportunities near the 1.2400 level. However, as always, it's important to remain mindful of any potential changes in market conditions and to use appropriate risk management strategies.
Happy trading!
If you found this analysis helpful, please give it a boost it and feel free to leave a comment with your thoughts or any questions you may have. Don't forget to follow me for more analysis
Today, we'll be taking a look at GBPUSD and analyzing whether a possible sell opportunity could be on the horizon.
Firstly, we have a strong resistance level located near 1.2400 which has held up well in the past, indicating that it could be a key level for price action to react to. Additionally, there is a possible AB=CD pattern that could compete at this level, adding further confluence to our analysis.
Furthermore, we can see that the market has failed to break through this zone before, suggesting that there could be a high probability of a price reversal or retracement occurring once again.
Taking all of this into consideration, we could potentially look for sell opportunities near the 1.2400 level. However, as always, it's important to remain mindful of any potential changes in market conditions and to use appropriate risk management strategies.
Happy trading!
If you found this analysis helpful, please give it a boost it and feel free to leave a comment with your thoughts or any questions you may have. Don't forget to follow me for more analysis
