🔻 GBPUSD | Sell the Retest of Broken Support
Timeframe: 1H
Bias: Bearish
Type: Break and Retest
📊 Technical Setup
GBPUSD has broken a key 4H support zone (~1.3460–1.3494) which now acts as a turncoat resistance. Price is currently pulling back, offering a prime opportunity to sell the retest.
• Entry: 1.3460–1.3490 (after confirmation of rejection)
• SL: Above 1.3508
• TP: 1.3398
• RR: ~1:2
• RSI: Bearish momentum, RSI < 50 with mild recovery—ideal for a fade trade
📉 Macro & Fundamental Confluence
• GBP: Despite hawkish BOE tone, GBP is showing technical weakness and soft CFTC positioning
• USD: Strong macro bias with rising conditional score and delayed Fed cuts (still supporting USD strength)
• Seasonal Bias: GBPUSD marked bearish in seasonal chart
• COT Data: GBP positioning turning bearish after previous net build-up
🧭 Gameplan
“Wait for the retest of broken support-turned-resistance to reject before entering short. Stick to the zone.”
🔔 Set alerts around 1.3460–1.3490 and monitor for bearish engulfing or pinbar confirmation.
Timeframe: 1H
Bias: Bearish
Type: Break and Retest
📊 Technical Setup
GBPUSD has broken a key 4H support zone (~1.3460–1.3494) which now acts as a turncoat resistance. Price is currently pulling back, offering a prime opportunity to sell the retest.
• Entry: 1.3460–1.3490 (after confirmation of rejection)
• SL: Above 1.3508
• TP: 1.3398
• RR: ~1:2
• RSI: Bearish momentum, RSI < 50 with mild recovery—ideal for a fade trade
📉 Macro & Fundamental Confluence
• GBP: Despite hawkish BOE tone, GBP is showing technical weakness and soft CFTC positioning
• USD: Strong macro bias with rising conditional score and delayed Fed cuts (still supporting USD strength)
• Seasonal Bias: GBPUSD marked bearish in seasonal chart
• COT Data: GBP positioning turning bearish after previous net build-up
🧭 Gameplan
“Wait for the retest of broken support-turned-resistance to reject before entering short. Stick to the zone.”
🔔 Set alerts around 1.3460–1.3490 and monitor for bearish engulfing or pinbar confirmation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.