Evening Traders,
Today’s analysis – GBPUSD – trading at a key Weekly S/R where an impulse break is probable,
Points to consider,
- Price Action Impulsive
- Weekly S/R Support
(POC S/R Confluence)
- Oscillators bullish control
- Declining Volume
GBPUSD’s immediate price action is trading with candle closes at a key Weekly S/R, this allows us to have a bullish bias on the market.
The Weekly S/R in confluence with the POC is support that is likely to be resected in the coming weeks.
Both oscillators are trading in bullish control zones, this is indicative of strength in the market as momentum is shifting up.
The volume profile is currently declining, an influx is highly probable at such as key trade location.
Overall, in my opinion, GBPUSD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work,
And remember,
“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”
― Yvan Byeajee, Paradigm Shift: How to cultivate equanimity in the face of market uncertainty
Today’s analysis – GBPUSD – trading at a key Weekly S/R where an impulse break is probable,
Points to consider,
- Price Action Impulsive
- Weekly S/R Support
(POC S/R Confluence)
- Oscillators bullish control
- Declining Volume
GBPUSD’s immediate price action is trading with candle closes at a key Weekly S/R, this allows us to have a bullish bias on the market.
The Weekly S/R in confluence with the POC is support that is likely to be resected in the coming weeks.
Both oscillators are trading in bullish control zones, this is indicative of strength in the market as momentum is shifting up.
The volume profile is currently declining, an influx is highly probable at such as key trade location.
Overall, in my opinion, GBPUSD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work,
And remember,
“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”
― Yvan Byeajee, Paradigm Shift: How to cultivate equanimity in the face of market uncertainty