Hello Traders and welcome to Illyrian Finance,
regarding the pound and in particular the
GBPUSD
cross on monthly timeframe we have a strong rejection from a candle closing in 2 days probably in inverted hammer signaling a downtrend.
Levels to watch for possible buying are 1.165-1.175 where the pound can bounce creating an inverted head and shoulders that could push prices towards 1.26 and 1.30.
It would be best to trade based on a move already created but for the more experienced consider a short from here with take profit in the 1.175-1.165 area could be a good opportunity.
Thank you all for the support!
Visit our website for mentorship and other services.
regarding the pound and in particular the
GBPUSD
cross on monthly timeframe we have a strong rejection from a candle closing in 2 days probably in inverted hammer signaling a downtrend. Levels to watch for possible buying are 1.165-1.175 where the pound can bounce creating an inverted head and shoulders that could push prices towards 1.26 and 1.30.
It would be best to trade based on a move already created but for the more experienced consider a short from here with take profit in the 1.175-1.165 area could be a good opportunity.
Thank you all for the support!
Visit our website for mentorship and other services.
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