Evening Traders,
Today’s analysis – GBPUSD- trading around range higher where a rejection towards the lows is probable,
Points to consider,
- Price action corrective
- Range High Resistance
- .618 Fiboancci Confluence
- Daily S/R Objective
GBPUSD’s immediate Price Action is approaching an area of resistance that is in confluence with the .618 Fibonacci and a Single Print Fill.
Backtesting and rejection the level will confirm a Bearish Retest, this will increase the probability of Price Action rotating towards the lower Daily Support.
Invalidation of this idea is multiple candle closes above the Range High resistance, Price Action is to be used upon discretion/ management.
Hope this analysis helps!
And remember,
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you‘re wrong.” -George Soros
Today’s analysis – GBPUSD- trading around range higher where a rejection towards the lows is probable,
Points to consider,
- Price action corrective
- Range High Resistance
- .618 Fiboancci Confluence
- Daily S/R Objective
GBPUSD’s immediate Price Action is approaching an area of resistance that is in confluence with the .618 Fibonacci and a Single Print Fill.
Backtesting and rejection the level will confirm a Bearish Retest, this will increase the probability of Price Action rotating towards the lower Daily Support.
Invalidation of this idea is multiple candle closes above the Range High resistance, Price Action is to be used upon discretion/ management.
Hope this analysis helps!
And remember,
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you‘re wrong.” -George Soros