Hey, Traders just wanted to follow up with you guys once again on the $GBPUSD. This has been a pair that I’ve been tracking for the past week or so and thus far we’ve been dead on in our predictions. Although there may not be 500 pips worth of opportunity left, we have created a new structure low and another pullback can offer up to 300pips of potential downside action before reaching a level that i would consider too risky to continue selling at.
On the chart above you’ll notice a few multi-color boxes. The lighter red box represents the technical zone in which price can retrace too before invalidating the current bearish move, while the darker zone would be the ideal entry area for a longer term trader. Obviously for a day trader you can look for opportunities at a much lower level and with much more frequency.
The green boxes represent where I think price can go to before we start to experience more buying pressure. The lighter green box is the bigger zone, while the darker green box represents the first area of major structure on the higher timeframe.
Last week was an AMAZING WEEK and I’m looking to carry that momentum into this one as well with this being the number 1 pair on my watchlist.
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