GBPUSD - SHORT TRADE SETUP
hello traders:)
GBP is still being heavily sold off by hedge funds. The 1-hour candlestick closed below the support and made a new low, indicating selling pressure. On the 4-hour time frame, we can see that the moving average of 20 stands very well as a moving resistance, not letting the buyers push the price up. There is good potential for a trade to move at least towards the previous H4 low. Tomorrow there is big impact news for the USD, so depending on the outcome, the trade will reflect its move.
GBP is still being heavily sold off by hedge funds. The 1-hour candlestick closed below the support and made a new low, indicating selling pressure. On the 4-hour time frame, we can see that the moving average of 20 stands very well as a moving resistance, not letting the buyers push the price up. There is good potential for a trade to move at least towards the previous H4 low. Tomorrow there is big impact news for the USD, so depending on the outcome, the trade will reflect its move.