GBP/USD 1hr ( trend reversal?)
interesting situation developing right now on Gbp/usd
so at first glance its clear the pair is trending up and has been since the middle of last week, this is highlighted by the green trend lines and the convergence of the rsi indicating normal market conditions paired with the volume dropping off as price approaches the bottom trend line showing a lack of strength to push through this level. However...
we are now seeing a clear break of market structure highlighted by the yellow rectangle showing price still making higher lows but not higher highs which displays a loss of momentum to continue up, what's also worth noting is that the previous swing high has been been tested 4x as shown by the blue circles forming a key level of support/resistance which paired with recent price action showing the formation of a potential ABC pattern may very well mean an upcoming trend reversal.
I would look to see price make a strong move down through the psychological level at 1.26800 as a potential short opportunity looking to take profit around 1.26600
for a long entry i would look for price to break above 1.27120 and set profit target near the swing high at 1.27500
so at first glance its clear the pair is trending up and has been since the middle of last week, this is highlighted by the green trend lines and the convergence of the rsi indicating normal market conditions paired with the volume dropping off as price approaches the bottom trend line showing a lack of strength to push through this level. However...
we are now seeing a clear break of market structure highlighted by the yellow rectangle showing price still making higher lows but not higher highs which displays a loss of momentum to continue up, what's also worth noting is that the previous swing high has been been tested 4x as shown by the blue circles forming a key level of support/resistance which paired with recent price action showing the formation of a potential ABC pattern may very well mean an upcoming trend reversal.
I would look to see price make a strong move down through the psychological level at 1.26800 as a potential short opportunity looking to take profit around 1.26600
for a long entry i would look for price to break above 1.27120 and set profit target near the swing high at 1.27500
Feragatname
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