GBPUSD drifting lower but lacks momentum

In my weekend analysis, I pointed out that the Weekly Pinbar candlestick pattern indicates that GBPUSD Bulls are getting weak. That set-up is still valid.

However, in the 4H Chart, downtrend lacks momentum.

A break below the 4H support will confirm the downtrend.

My plan is to either sell close to the previous high around 1.26 or wait for a confirmation of the downtrend and then sell on lower TFs.

تعليق:

just a quick update. While Gbpusd reaches a proper zone, we had a good 200+ pips profit from buying GBPAUD yesterday. Thought this might be helpful to the GBP traders