GBP/USD Buy or Sell?
After a false breakout of the Ascending Trendline, GBP/USD continued its bullish move and is now at a Resistance Zone at 1.3695-1.3710, with its RSI at extremely overbought levels on the 1H Chart. Here are the two possible scenarios:
Long:
-If price consolidates around this Resistance Zone and breaks it to the upside, wait for a retest and look for a Long entry on a lower time frame;
-Possible first target around 1.3775.
Short:
-If we see a good rejection off the Resistance Zone or if price consolidates and makes a bearish confirmation (impulsive bearish candle or big wick rejecting the Resistance), we might be looking for a move to the downside at least until price touches the Ascending Trendline.
Use stop-losses, a good risk management and remember this is not financial advice.
Long:
-If price consolidates around this Resistance Zone and breaks it to the upside, wait for a retest and look for a Long entry on a lower time frame;
-Possible first target around 1.3775.
Short:
-If we see a good rejection off the Resistance Zone or if price consolidates and makes a bearish confirmation (impulsive bearish candle or big wick rejecting the Resistance), we might be looking for a move to the downside at least until price touches the Ascending Trendline.
Use stop-losses, a good risk management and remember this is not financial advice.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.