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Usdgbpshort

Bull Trap Confirmed: GBPUSD's 8% Rally Faces ExhaustionLets Face it we had a great 6 months already clocking 60%+ Returns already. And after sitting ducks for almost 2 months now we finally have a trade. - Its a very self explanatory chart - Trading at resistance - Head & Shoulder pattern And the best part the right shoulder is still yet to be formed! My favourite type of entry. 1.It gives a better risk reward ratio (1:7 expected) 2.Better Entry (No long red candles) 3. And even if the pattern fails it we may still reach the neck line which is target 1. Entry Criteria - A Red candle at the entry Line Marked - Stoploss Above the Entry Candle Target 1- 1.3361 Target 2- 1.3252 Target 3- 1.3169 Keep Your Risk Reward Intact! Not An investment Advice
Short
by REUBEN_EUSTACE
GBPUS - Wycoff Distribution and what to expect in comming weeksThe GBPUSD pair is currently exhibiting trading behavior within the range of 1.25300-1.27500, a pattern that aligns with the principles of the Wyckoff theory, a framework used to analyze market trends and anticipate future price movements. This current phase appears to reflect a redistribution phase within the Wyckoff model, characterized by a period of consolidation and distribution of assets among market participants. In the context of Wyckoff theory, the completion of phases A and B signals the transition into phase C, which typically involves a climactic event that triggers a change in market sentiment. In this case, the recent entry into phase C coincided with a climax buy following the release of initial USA economic data on Friday, suggesting a potential shift in market dynamics. Furthermore, technical analysis reveals the presence of the 61.8% Fibonacci retracement level around the 1.27 level, which has historically served as a significant resistance level. The convergence of this Fibonacci level with the current trading range adds another layer of significance to the price action, potentially reinforcing the distribution phase described by the Wyckoff theory. Looking ahead, market participants are closely monitoring upcoming events such as Powell's testimony and the release of NFP data, both of which have the potential to influence market sentiment and trigger significant price movements. Additionally, the impending 2024 United States primary elections scheduled for March 5th are expected to introduce heightened volatility and uncertainty into the market environment. Despite the short-term fluctuations and potential upside movements driven by these events, the overall market sentiment remains cautious, as evidenced by the recent closure of the monthly candle in the red. This bearish signal suggests a prevailing downward bias, with further downside potential in the near future. Taking into account the broader market context and technical indicators, including the Wyckoff distribution phase, the 61.8% Fibonacci retracement level, and upcoming fundamental catalysts, we anticipate a downward movement towards the 1.18 level on the GBPUSD pair in the coming weeks. It is important to note that this analysis is based on historical patterns and technical indicators and should not be construed as financial advice. Individual traders should conduct their own research and consider their risk tolerance before making any trading decisions.
Short
by Coder775
3
USDGBP short opportunity with bearish divergence Per DXY analysis (Check the previous post) this pair has the most co-relation to the DXY price movement per last week. Dxy potential will fall after re-testing descending channel resistance, this pair has also reached near to the descending channel whereas a lot of fib zone exists. DXY has already broken the counter line to the down side, this pair is yet to break the counter trendline. Potential entry will be break of the counter trend line to the downside up to the descending channel support, this pair is also in a descending channel on higher time frame.
Short
by rf16saun