GBPUSD - 24 January 2024
Updated
Last week, I mentioned price would still go higher as the buying climax has not yet come, now this 1H impulsive bullish candle could be the one that I'm waiting for, the reversal signal. Especially this is done with GBP bullish news, come with sufficient liquidity and reason for price to higher, this is when retail are giving up on short and look for long, and this is when I begin to stop buying and start to look for short.
Another confluence is based on inter-market analysis, look at USDJPY, while GU is rising hard, I start to see support kicking in in UJ, preliminary support found, and price didn't really drop that hard in UJ, that signify UJ is really strong and is preparing to go higher.
Conclusion:
Prepare to Short GU & Long UJ.
Another confluence is based on inter-market analysis, look at USDJPY, while GU is rising hard, I start to see support kicking in in UJ, preliminary support found, and price didn't really drop that hard in UJ, that signify UJ is really strong and is preparing to go higher.
Conclusion:
Prepare to Short GU & Long UJ.
Note
Note
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.