GBPUSD in consolidation, wait for breakout for trend direction
GBPUSD is in a 4HR consolidation zone
There is a strong support and resistance on the 4HR TF. When going down to lower TF it looks more bearish.
So my thoughts on this pair is, wait for the support to be broken and retested and then jump in for the sell on 1.13386.
Market opened with a gap on Monday morning so "the gap must be filled" @ 1.11772 & that would be the TP for the short
But if the Support is not broken and shows bullish movement the TP would be 1.14909 for the long
There is a strong support and resistance on the 4HR TF. When going down to lower TF it looks more bearish.
So my thoughts on this pair is, wait for the support to be broken and retested and then jump in for the sell on 1.13386.
Market opened with a gap on Monday morning so "the gap must be filled" @ 1.11772 & that would be the TP for the short
But if the Support is not broken and shows bullish movement the TP would be 1.14909 for the long