(GBPUSD) Wed, 16 November 2022 Setup 2

16 Nov 2022

GBPUSD

GBPUSD Long bias.
Status: Open position

What do I see?
- It's clear that the bulls seem to be attracted to dominate the bears, as you can see, there is a lot of bullish rejection going on. Psychologically speaking, there is a lot of traders who have a bias to go short at this point, cause in the higher timeframe such as daily, it creates a strong bullish rejection right at the 1.20002 - 1.20198 resistance level.

What I would do?
- I still gonna hold this long position, as there is a clear sign that the bulls are the one who dominates right now.
- I would see how the Retail Sales MoM goes if it creates a short bias, if it does I'll go for a break even. vice versa.

Happy Trading! Good luck!