Where is the end of GBPUSD's downward trend?
On the weekly chart, GBPUSD is currently entering the demand zone, but there is no reaction to buying power, and last week the pound closed at a new low. Therefore, the current short-term sentiment is still strong.
Although the pinbar appeared in 4H, the low structure of June 18 could not be underestimated. If you execute a buy plan at this location, then you will have no room to place the TP! In the premise that the overall trend has not been broken, it is unwise to execute the buy plan simply because of the pinbar and the current low price.
So we have two options to face the current trend.
1, patiently waiting for a breakthrough in the downward trend. Buy on dips;
2, looking for high-selling, leaving at the three prices of 1.243, 1.24, 1.233. It is also 1.272, 1.414, 1.618 of the daily chart Fibonacci extension.
Of course, we are not just emphasizing the potential reversal value of these prices in terms of Fibonacci numbers. Because we found the price of 1.414, 11 candles hit a strong rebound, there are 9 and candle violent breakthroughs - indicating that this position is critical.
and so,
1, based on the pattern of last week's closing;
2, the reaction of the candle into the demand zone;
3, the Fibonacci key series;
4, the form of KEY LEVEL;
From these four points, we should not easily guess the bottom line unless the downtrend LH is broken.
Be a good friend of the trend.
GBPUSD
Although the pinbar appeared in 4H, the low structure of June 18 could not be underestimated. If you execute a buy plan at this location, then you will have no room to place the TP! In the premise that the overall trend has not been broken, it is unwise to execute the buy plan simply because of the pinbar and the current low price.
So we have two options to face the current trend.
1, patiently waiting for a breakthrough in the downward trend. Buy on dips;
2, looking for high-selling, leaving at the three prices of 1.243, 1.24, 1.233. It is also 1.272, 1.414, 1.618 of the daily chart Fibonacci extension.
Of course, we are not just emphasizing the potential reversal value of these prices in terms of Fibonacci numbers. Because we found the price of 1.414, 11 candles hit a strong rebound, there are 9 and candle violent breakthroughs - indicating that this position is critical.
and so,
1, based on the pattern of last week's closing;
2, the reaction of the candle into the demand zone;
3, the Fibonacci key series;
4, the form of KEY LEVEL;
From these four points, we should not easily guess the bottom line unless the downtrend LH is broken.
Be a good friend of the trend.
GBPUSD
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