I shall provide the reasoning for my short below.
Daily: price has formed a new LL and LH via an evening star cs formation with the bearish of the evening star closing below 1.3225
4 hour: We got a beautiful descending channel and price is forming LLS and LHS from the bigger perspective. Within the consolidation box price had a break of structure via LH which was comppleted via shooting star cs followed by a bearish engulfing hanging man cs. From a smaller perspective after the break of structure within the consolidation box price started to form LLS and LHS. After the bearish engulfing that closed below the consolidation region and 1.3225 we are now looking to play the probability that if this region holds price will dump into 1.31078. Also with all this uncertainty surround covid plan b and boris christmas party there is much uncertainty around gbp and thus investors would be taking money out of gbp backed assets so fundamentals line up.
1 hour: price formed 4 shooting star cs with one of it being during london switchover. then price formed an intra LL and LH via an evening star. During new york switch price formed a hammer cs spiking price back into this intra level and thus i entered short.
HPS with banging confluence and RRR
Daily: price has formed a new LL and LH via an evening star cs formation with the bearish of the evening star closing below 1.3225
4 hour: We got a beautiful descending channel and price is forming LLS and LHS from the bigger perspective. Within the consolidation box price had a break of structure via LH which was comppleted via shooting star cs followed by a bearish engulfing hanging man cs. From a smaller perspective after the break of structure within the consolidation box price started to form LLS and LHS. After the bearish engulfing that closed below the consolidation region and 1.3225 we are now looking to play the probability that if this region holds price will dump into 1.31078. Also with all this uncertainty surround covid plan b and boris christmas party there is much uncertainty around gbp and thus investors would be taking money out of gbp backed assets so fundamentals line up.
1 hour: price formed 4 shooting star cs with one of it being during london switchover. then price formed an intra LL and LH via an evening star. During new york switch price formed a hammer cs spiking price back into this intra level and thus i entered short.
HPS with banging confluence and RRR