GBPUSD - My Thoughts Heading Into Next Week
Scenario 1 - Shorts
If we dont break the resistance at 1.37334 I will look to trade the range GBPUSD has been in all last week, no point going int
Scenario 2 - Longs
I think this is more likely to happen, Thursday we saw price pull lower into the 1.356 order block (yellow area), and with that we took out most who were in around the 1.36 area... If we break the 1.37334 res cleanly then I'll be looking to buy on the retest of this level (arrows for 'scenario 2' indicate how I think price will move) - Taking profits above the weekly high of 1.376
Looking at the dollar index too, my bias is bearish (Clean rejection of the 91.2 level) - so yes, just to reiterate scenario 2 is my personal favourite.
If we dont break the resistance at 1.37334 I will look to trade the range GBPUSD has been in all last week, no point going int
Scenario 2 - Longs
I think this is more likely to happen, Thursday we saw price pull lower into the 1.356 order block (yellow area), and with that we took out most who were in around the 1.36 area... If we break the 1.37334 res cleanly then I'll be looking to buy on the retest of this level (arrows for 'scenario 2' indicate how I think price will move) - Taking profits above the weekly high of 1.376
Looking at the dollar index too, my bias is bearish (Clean rejection of the 91.2 level) - so yes, just to reiterate scenario 2 is my personal favourite.