GBPUSD 30min Analysis February 8th, 2021
Price has rejected off our supply zone of 1.3740 once again and is now reaching our key weekly level and 30min 200MA.
Trade Scenario 1: Bullish - For us to go long we need to see price find support at our key weekly zone of 1.3666. We will look for price to consolidate then enter on strong bullish setups.
Trade Scenario 2 Bearish - For us to go short we need to see price continue to push to the downside past our key weekly zone. We will then wait for a retrace and for 1.3666 to flip as resistance. Enter on strong bearish setups.
Trade Scenario 1: Bullish - For us to go long we need to see price find support at our key weekly zone of 1.3666. We will look for price to consolidate then enter on strong bullish setups.
Trade Scenario 2 Bearish - For us to go short we need to see price continue to push to the downside past our key weekly zone. We will then wait for a retrace and for 1.3666 to flip as resistance. Enter on strong bearish setups.