I will be stepping aside from the GBPUSD market in the early part of this week. Here's why, from a technical perspective.
Price action on the daily time frame shows that the bulls are having a tough time taking price action northward. The gravestone doji formed last week Wednesday was expectedly followed up by a bullish move on Thursday, but the northward move was checkmated by bears. On Friday last week, bulls seized the initiative for a further northward move but their effort was curtailed by bears towards the end of the session; leading to the printing of a pinbar/shooting star around a horizontal resistance zone. This back-and-forth struggle between bulls and bears requires a further tracking of the market in the early part of this week. Should bulls seize the initiative, an initial target of a northward move is the 1.34540 area. However, should bears manage to overwhelm bulls, we may see them target the horizontal support around the 1.30910 area.
I may be wrong. Trade safe and prosper.
KP
Price action on the daily time frame shows that the bulls are having a tough time taking price action northward. The gravestone doji formed last week Wednesday was expectedly followed up by a bullish move on Thursday, but the northward move was checkmated by bears. On Friday last week, bulls seized the initiative for a further northward move but their effort was curtailed by bears towards the end of the session; leading to the printing of a pinbar/shooting star around a horizontal resistance zone. This back-and-forth struggle between bulls and bears requires a further tracking of the market in the early part of this week. Should bulls seize the initiative, an initial target of a northward move is the 1.34540 area. However, should bears manage to overwhelm bulls, we may see them target the horizontal support around the 1.30910 area.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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