GBP/USD -11/5/2023-
• Despite hawkish message delivered by the BOE today, recent USD strength is putting pressure on the pound and all the majors
• We have a couple of Dojis in the recent past sessions which showed a slowing bullish momentum followed by a big bearish candlestick today
• Bears are testing the 20 SMA which has been supporting the prices for a while
• While there is a weakness prevailing, longer term trend is still bullish as long as the Pound is trading above the ascending trend line
• One critical support level is very important for the bulls to defend which is in the mid 1.24s (1.2450-1.2460) which is the previous December 2022 - January 2023 resistance and the trend line support
• Bears will do their best to secure several daily closes below the 20 SMA and the supporting trend line
• From a risk reward perspective, bulls might wait for a re-test of the trend line before getting in the market again
Traders, if you like this idea please comment and like ✅
Here to answer all your questions,
Good luck
• We have a couple of Dojis in the recent past sessions which showed a slowing bullish momentum followed by a big bearish candlestick today
• Bears are testing the 20 SMA which has been supporting the prices for a while
• While there is a weakness prevailing, longer term trend is still bullish as long as the Pound is trading above the ascending trend line
• One critical support level is very important for the bulls to defend which is in the mid 1.24s (1.2450-1.2460) which is the previous December 2022 - January 2023 resistance and the trend line support
• Bears will do their best to secure several daily closes below the 20 SMA and the supporting trend line
• From a risk reward perspective, bulls might wait for a re-test of the trend line before getting in the market again
Traders, if you like this idea please comment and like ✅
Here to answer all your questions,
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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