GBPUSD Local Range| Bearish Retest| Range Low| Volume Influx

2020年10月30日

Evening Traders,

Today’s Analysis – GBPUSD- deviating back into local range with range low being the target,

Points to consider,
- Price Action Impulse
- Rang Mid Support
- Range Low Target
- Oscillators Extended
- Volume Influx

GBPUSD’s immediate price action has confirmed a bearish retest; this allows us to have a bearish bias.

The local range mid is current support, this level is in confluence with the 200 MA that has been lost.

Range low is likely to be tested, this area is the immediate target, breaking below will have revised targets.

Both oscillators are overextended; a reversion to their mean is probable which will coincide with an oversold bounce
.
The volume profile has a valid climax, climatic volume is suggestive of a temporary top/ bottom being in place as price find its equilibrium.

Overall, in my opinion – GBPUSD – is a valid short with defined risk, price action is to be used upon discretion/ management of trade.

Hope this analysis helps!

Thank you for following my work

And remember,

It does not matter how slowly you go as long as you do not stop.”Confucius