(GBPUSD) Thu, 17 November 2022 Setup 2

17 Nov 2022

GBPUSD

GBPUSD Short bias.
Status: Waiting to Short

What do I see?
- Building Permits Prel and Housing Starts created a bearish response.
- Daily potentially gonna go for a huge pullback.
- The bulls are eaten by the bears, you can see the 1.18222 - 1.18526 support level be broken. It is aspected to go for a huge downtrend.
- USDCHF starting a new bullish trend (wait for confirmation)

What I would do?
- Enter as soon the price hits the 1.18222 - 1.18526 resistance level.
- Seek confirmation before entry short.
- Hold the profit as long as possible, and start to break even when the 1.16403 target hits.

Happy Trading! Good luck!