Welcome to our newest feature; DecaPip. The concept is simple: our professional market technician, with an exceptional system, showcases his own daily Support and Resistance levels across a broad spectrum of FX currency pairs. The most effective way to use the levels are:
- If indicated levels hold, look for the price to reverse.
- If levels are broken, look for the price to continue past to new highs or lows.
For the last DecaPip Daily of the trading week I would like to focus on GBPUSD after we had a sharp reversal in yesterday’s session.
The key points to mention with this pair is currently traders need to see a lower weekly high and in tomorrow’s trading a lower low printed on the daily candle and distinctly bearish weekly close.
What constitutes bearish you may well ask ? For me a close under 1.5500 is extremely bearish as is a close under the weekly trendline in the chart below.
If we want to look for some quick DecaPip’s intraday playing the new bearish theme, I have highlighted some really great areas in the chart below to sell swing trade the retraces should we get the chance.
Next week will be crucial for GBPUSD and we should see how real this move down is and whether the bears can take it down to the 1.50 target level.
Got any questions about our new DecaPip feature? Contact Nathan at Nathan@littlefishfx.com
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