This is the first half of my GBP/USD analysis.
On the weekly chart, we have some low crouching above the weekly support block, still within the optimal fib retrace zone.
The red level is an important weekly support/resistance level.
I think when we finally take out those lows, we'll have enough of a bounce to attack the previous highs.
We have 2 plays possible right now:
#1 - Short to the weekly block, which is acceptable since it's a higher time frame, this move will be around 350 pips which is great
#2 - Long from the weekly block with a target of previous highs. If we get a nice bounce from the block initially it should confirm our bias.
Next half of this analysis will go on the lower time frame for that SHORT setup.
On the weekly chart, we have some low crouching above the weekly support block, still within the optimal fib retrace zone.
The red level is an important weekly support/resistance level.
I think when we finally take out those lows, we'll have enough of a bounce to attack the previous highs.
We have 2 plays possible right now:
#1 - Short to the weekly block, which is acceptable since it's a higher time frame, this move will be around 350 pips which is great
#2 - Long from the weekly block with a target of previous highs. If we get a nice bounce from the block initially it should confirm our bias.
Next half of this analysis will go on the lower time frame for that SHORT setup.
