Hey traders, let’s hit the charts:
1. GBP/USD
On Wednesday, we saw a strong bearish breakout on the GBP/USD. On the 4-hour time frame, the breakout candlestick was almost a complete Marubozu (full candlestick)
Afterward, price formed a consolidated for the rest of the day. Today we may most likely see a continuation of the downward movement as the buyers are beginning to look fatigued.
If that happens, then price next bus stop would most likely be 1.36420-1.36121.
That said, If we do see a continuation of the consolidation of price today, we should be wary because the buyers may have called for backup, and the possibility of price revisiting the previous resistance zone is highly likely
2. GBP/JPY
The GBP/JPY and GBP/USD have similar setups and similar analysis. The only difference is that:
If the bears win the tussle, then we have two potential support levels for price to visit. These support levels are: 154.028 and 151.579
What say you?
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