Greetings Forexia Crew, Lets break down the analysis on GBPUSD. As it can be seen that the pair has been down trending for the two weeks.
Additionally, multiple supports have been turned to work as resistance. Therefore, lots of traders hop in to sell when support becomes resistance and seeing their trendline being worked as it should. I believe the on Monday the pair has trapped sellers to make its move towards up forming new trend.
I am expecting the scenario below where the price forms the buy structure. If it forms, then my entry highly likely to be on the DCR or ECR. IF PRICE DOES NOT SHOW ME WHAT I WANT TO SEE Meaning( GIVES ME SELLER STRUCTURE), I WILL SIMPLY IGNORE THE SETUP!!!
Please use proper money management and lot sizes!!!