On
GBPUSD
, we have seen dramatic fall on Friday. It is clear that Bears are in control of the price, but lets look at a bigger picture.
We have a trending market. It is going upward this month, because it makes higher high and higher low on 4H bars. Also, there is a nice trendline, which is acting as dynamic support three times and it is more likely that the price will respect the trendline again. The price is going to finish its correction soon (retracement); and 1.5306 zone is a good level for buyers to step in and sellers to take their profits. In addition, the fibo 50% retracement exactly hits the same trendline, where reversal is expected.
It is wise to wait for a confirmation, let the market open on Monday and see the reaction and then enter Long.
GBPUSD
, we have seen dramatic fall on Friday. It is clear that Bears are in control of the price, but lets look at a bigger picture. We have a trending market. It is going upward this month, because it makes higher high and higher low on 4H bars. Also, there is a nice trendline, which is acting as dynamic support three times and it is more likely that the price will respect the trendline again. The price is going to finish its correction soon (retracement); and 1.5306 zone is a good level for buyers to step in and sellers to take their profits. In addition, the fibo 50% retracement exactly hits the same trendline, where reversal is expected.
It is wise to wait for a confirmation, let the market open on Monday and see the reaction and then enter Long.
