GBPUSD TRADE IDEA
WEEKLY
1. Price reached the previous highest resistance that was made trice; 22 Jan 18, 16 April and 22 Feb 21.
2. However price failed to break the weekly resistance, thus formed double top on the weekly chart.
DAILY
1. Price broke daily ascending channel with bearish extended engulfing and formed another channel of bearish fashion.
2. Price tested daily major SBR and respected the descending channel as well as daily SBR.
3. On the daily chart, the price was also respected 61.8 % of fibs and thus confirming my bias on bearish fashion.
4. QM pattern was also formed on the daily chart.
H4
1. Price made a nice correction channel on H4 chart and broke the channel with bearish candle last week.
2. USD index was on bearish fashion last week and will make some retracement this coming week and thus I will week short opportunity on GBPUSD.
1. Price reached the previous highest resistance that was made trice; 22 Jan 18, 16 April and 22 Feb 21.
2. However price failed to break the weekly resistance, thus formed double top on the weekly chart.
DAILY
1. Price broke daily ascending channel with bearish extended engulfing and formed another channel of bearish fashion.
2. Price tested daily major SBR and respected the descending channel as well as daily SBR.
3. On the daily chart, the price was also respected 61.8 % of fibs and thus confirming my bias on bearish fashion.
4. QM pattern was also formed on the daily chart.
H4
1. Price made a nice correction channel on H4 chart and broke the channel with bearish candle last week.
2. USD index was on bearish fashion last week and will make some retracement this coming week and thus I will week short opportunity on GBPUSD.
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