GBPUSD Potential Reversal
Hey Traders!
As we have predicted last week, this pair would go down and reach 1.23300 level, the market went even further than what we have predicted, broke and closes below.
The market then uses the previously broken structure SUPPORT as RESISTANCE.
We didn’t quite get an entry there, but if we could get a small retest back into the Resistance zone, we could place a SELL order if we find a good entry reason.
I expect the market to drop down around 40 PIPS down to the MINOR SUPPORT level at 1.23000-1.22900 area and get a small bounce before heading to the MAJOR SUPPORT level at 1.22400 area.
I refer 1.22400 area as a DEMAND ZONE because, buyers have pushed the market impulsively to the upside multiple times if you look left.
I am expecting a REVERSAL on this DEMAND ZONE, however, we should still pay attention to what price action does, as we cannot have a 100% accurate analysis.
🚨DO NOT TRADE THIS ANALYSIS BLINDLY🚨
As we have predicted last week, this pair would go down and reach 1.23300 level, the market went even further than what we have predicted, broke and closes below.
The market then uses the previously broken structure SUPPORT as RESISTANCE.
We didn’t quite get an entry there, but if we could get a small retest back into the Resistance zone, we could place a SELL order if we find a good entry reason.
I expect the market to drop down around 40 PIPS down to the MINOR SUPPORT level at 1.23000-1.22900 area and get a small bounce before heading to the MAJOR SUPPORT level at 1.22400 area.
I refer 1.22400 area as a DEMAND ZONE because, buyers have pushed the market impulsively to the upside multiple times if you look left.
I am expecting a REVERSAL on this DEMAND ZONE, however, we should still pay attention to what price action does, as we cannot have a 100% accurate analysis.
🚨DO NOT TRADE THIS ANALYSIS BLINDLY🚨
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