Hello guys ! ๐๐พ Hope you had a wonderfull trading week. ๐๐พโโ๏ธ We've managed to bank just over 450 pips in the first two trading weeks in 2021 ๐๐พ
So, an eternal batle here, GBPUSD.
I've marked my previous downtrend (A).
After a breah-through (B) to the upside, the pair failed twice to break the resistence (C), creating a DOUBLE TOP (D), and breaking, as expected after the DOUBLE TOP (D), the RESISTANCE (D'), please note that in the middle of the DOUBLE TOP (D), the pair re-tested multiple times the RESISTANCE (D').
After a successful break-through on the RESISTANCE (D'), we have here TWO POSSIBLE SITUATIONS (E) :
A - A re-test on RESISTANCE (D'), and a drop to the top possible support area, giving us a chance of 80 PIPs, which can be adjustable to the bottom support area ( 160 PIPs );
B - A break-through on the RESISTANCE (D'), and a re-test on previous RESISTANCE (C), giving us even a better opportunity to bank 70, 150 and 230 PIPs on its way down.
We WILL WAIT before we enter this trade, and check how the PAIR behave during the first trading days. ๐
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You posted short last time to an it didnโt go to 1.33 bro as you posted in your charts. Instead it went flying up lol. But yeah your analysis are in point but your looking at the wrong direction. Short only occurs on thurs-fri