Hi Traders. It's been awhile since i do any breakdown on GBPUSD as the recent price movement was basically just a strong downtrend.
But something interesting here, if you pay close attention to how price rejected 1.20 key memory zone with a strong doji pattern, it seems like buyers are trying to step in.
But to confirm this thesis, we'll need to see how price reacts around 1.2180.
If we notice more strength coming in breaking above 1.2180, then it will be our signal to potentially buy.
But if you're looking to be slightly aggressive, 1.21 could be a better entry area, but be aware of the risk as it's sort of a 'test water' setup for a potential better RR ratio.
However, if GBPUSD does not hold 1.21, then this setup will be invalidated.
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
But something interesting here, if you pay close attention to how price rejected 1.20 key memory zone with a strong doji pattern, it seems like buyers are trying to step in.
But to confirm this thesis, we'll need to see how price reacts around 1.2180.
If we notice more strength coming in breaking above 1.2180, then it will be our signal to potentially buy.
But if you're looking to be slightly aggressive, 1.21 could be a better entry area, but be aware of the risk as it's sort of a 'test water' setup for a potential better RR ratio.
However, if GBPUSD does not hold 1.21, then this setup will be invalidated.
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
