British Pound possible downside move
Hello traders.
Here is our bias for pound dollar. As the pair is contacting the weekly supply zone we expect the price to go down targeting 1.18000 level. If market gives us the price action that we are expecting in 4H timeframe then we will look for our sell entry. If market spends some time in this zone without breaking the top ,
then any fundamental news can tigger the sharp move to the downside.
In the lower timeframes market is in uptrend, so it`s not good idea to countertrend the market. Be patience and monitor the price action then look for the sell once the lower timeframes shifts to the downtrend.
thank you!
Don`t forget to follow us and comment below your ideas.
Here is our bias for pound dollar. As the pair is contacting the weekly supply zone we expect the price to go down targeting 1.18000 level. If market gives us the price action that we are expecting in 4H timeframe then we will look for our sell entry. If market spends some time in this zone without breaking the top ,
then any fundamental news can tigger the sharp move to the downside.
In the lower timeframes market is in uptrend, so it`s not good idea to countertrend the market. Be patience and monitor the price action then look for the sell once the lower timeframes shifts to the downtrend.
thank you!
Don`t forget to follow us and comment below your ideas.
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