it has broken the ranging at which it had been consolidated, now we could think about shorts i am going to take one position now and wait to make scale in at the pullback of the last support now resistance level
GBPUSD is in a downtrend in timeframes as 4H and D, it made a retracement and now it is resuming the downtrend making Lower Highs and forming a top, so this means in the structure of a trend the technical price action indicates a downtrend is forming.
About the fundamentals we saw news that Bank of England is assessing the possibility of negative interest...
At this moment all forex market relies in the performance of SP500, and we are in a very indecisive point we are at the EMA 200 Daily which if it is broken and price goes up we can say we are already in bullish tendency, otherwise if the ema is tested and the price goes down we are still in bearish territory, you can see in the chart how the level was previous...
the UK session is about to finish so traders are going to take profit, we could enter again in the ndx at a better price, i already colocated a buy limit order in the purple zone, it will also have support by ema 21
eur gbp is in a resistance channel and it has already formed a bearish price action pattern, we should have as take profit the uptrend supporting line or the support channel formed since the last month
ema 100 is supporting the price, also we see fibo 0.618 is held and we can wee a double botton which was rejected, also we can see a bullish price action pattern, we can see a lot of factors in convergence to put a long order and we hope the trend will resume.