GBPUSD Starts The Week Bearish
At the end of last week I saw the GBPUSD closing bearish breaking out of a wedge pattern.
With the GBPUSD starts the week bearish, will be a great time to watch the lower time frames. With watching for any potential setups to short into lower prices.
With the GBPUSD finding support many occasions at the 1.3000 big round number. The support eventually gave way at the end of the week.
With price closing below the big round number, has now placed this pair into a bearish bias.
Bearing in mind with Forex there is never an actual level but more a zone. It could just as easily see price create another fake reversal of this area with a continuation higher.
The bias of this pair on the lower time frames is currently bearish. Therefore, could very well see this pair move bullish during the bank holdiday Monday this week.
With a continuation on Tuesday with further bearish price drop. My advice will be to watch the 1 and 4 hr time frames to catch this momentum if you see any bearish price action signals.
If you need to learn more on candlesticks and support and resistance trading then check out the basics of Forex trading here.
Let me know what your thoughts are on which way this pair may go, and as usual leave any questions or comments in the comment box below.