potential trade setup: GBP/USD analysis
the previous weekly candle closed as a bearish engulfing candle, the sentiment still remains uncertain and pessimistic around the sterling
currency, however, price is rallying towards a key dynamic area of support in which we previously saw some institutional demand, the psychological level is also in alignment with the key W trendline acting as support. This could be a great risk-reward trade with targets of 1.2800-1.2900, il be paying close attention to candlestick behaviour to look for entry opportunities.
currency, however, price is rallying towards a key dynamic area of support in which we previously saw some institutional demand, the psychological level is also in alignment with the key W trendline acting as support. This could be a great risk-reward trade with targets of 1.2800-1.2900, il be paying close attention to candlestick behaviour to look for entry opportunities.