GBPUSD Analysis Short Opportunity
- After the completion of the huge bullish push, price met resistance at the monthly supply zone.
-On the daily price closed as a doji, signaling that the bullish momentum is exhausted and a potential bearish move is expected
- If you drop down to the 4H timeframe, you will notice a double top formation, this formation along signifies a bearish reversal pattern.
- We are 2.5 hours from closing and if price closes as this bearish candle on the daily, this will serve as further confirmation to the downside.
- I am expecting price to make a retrace to test the previous HH which also aligns with the 50.0 fib level and create a HL.
-On the daily price closed as a doji, signaling that the bullish momentum is exhausted and a potential bearish move is expected
- If you drop down to the 4H timeframe, you will notice a double top formation, this formation along signifies a bearish reversal pattern.
- We are 2.5 hours from closing and if price closes as this bearish candle on the daily, this will serve as further confirmation to the downside.
- I am expecting price to make a retrace to test the previous HH which also aligns with the 50.0 fib level and create a HL.