Libra Esterlina/Dólar AmericanoViés de baixa
CABLE:more bearish momentum expected?
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Hey there
My name is Trevor and this is my first time posting on tradingview.
This is my short term analysis on GBPUSD.(1 hour time frame).
Basically keeping it simple, GBPUSD is in a downtrend against a fundamentally strong dollar.
Further bearish momentum is expected unless we get a contrary view from inflation data releases next week.
Focusing on the technical aspect.
We can see that price was ranging between a low of 1.30452 and a high of 1.31077, price broke and retested the low of that range turning it to a new resistance zone
We further saw price fall to fresh lows with price rising sharply from support (Pivot S2 1.298 ) to close the week at 1.30345.
At the opening of the week, I'm anticipating price to rise a bit to test the resistance zone(bottom of the previous range), before we see any further moves to the downside.
Looking closely at that resistance zone, if we pull up the fib retracement tool from that start of our uptrend we can see price gently approaching the 61.8 fib level, also we can see that price is still below the 200 day SMA, indicating possible bearish continuation.
An ideal entry would be to wait for price to test the resitance zone and fail to break, set your stop just above the resistance zone( or you can give a little room for price to move) with a take profit above the 8th's lows.
Setup will be invalidated if we see a break and retest of that resistance zone.
Where do you think price is headed next? comment below.
constructive criticism is welcomed please no insults
LIKE, FOLLOW AND COMMENT FOR MORE UPDATES.
My name is Trevor and this is my first time posting on tradingview.
This is my short term analysis on GBPUSD.(1 hour time frame).
Basically keeping it simple, GBPUSD is in a downtrend against a fundamentally strong dollar.
Further bearish momentum is expected unless we get a contrary view from inflation data releases next week.
Focusing on the technical aspect.
We can see that price was ranging between a low of 1.30452 and a high of 1.31077, price broke and retested the low of that range turning it to a new resistance zone
We further saw price fall to fresh lows with price rising sharply from support (Pivot S2 1.298 ) to close the week at 1.30345.
At the opening of the week, I'm anticipating price to rise a bit to test the resistance zone(bottom of the previous range), before we see any further moves to the downside.
Looking closely at that resistance zone, if we pull up the fib retracement tool from that start of our uptrend we can see price gently approaching the 61.8 fib level, also we can see that price is still below the 200 day SMA, indicating possible bearish continuation.
An ideal entry would be to wait for price to test the resitance zone and fail to break, set your stop just above the resistance zone( or you can give a little room for price to move) with a take profit above the 8th's lows.
Setup will be invalidated if we see a break and retest of that resistance zone.
Where do you think price is headed next? comment below.
constructive criticism is welcomed please no insults
LIKE, FOLLOW AND COMMENT FOR MORE UPDATES.
Trade ativo
Although price fail to hit my stop limit as it was placed right below my resistance zone,we have seen price bounce off our area of interest.waiting for price to retrace to give me room for safe re entry.
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