GBPUSD is at a monthly resistance area which means we could see some possible bearish move until price breaks through this resistance. On the Weekly, the bearish pressure is very prominent by the visible bearish pinbar at the resistance area. Which is the reason I would be interested in a bearish setup this week.
Similar to GBPUSD price is at key resistance area. If I see a break of the low in the image above I would be interested in taking a sell. Be careful when trading pairs that are correlated.
A break of the low in the chart above would confirm a break of the bullish trend. This could be the start of a bearish trend and for that reason, I am interested in this setup.
If there’s a break of the low I chart above we could see more downside. It would also be the break of two trendlines and I love these types of setups.
A break of the low and I have no issue placing a bet on bearish momentum and if the price breaks the high marked I would definitely b be interested in a bullish entry. I’m excited to see how this one will play out this week.