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Another nice setup folding out for the next week. GBP/USD is currently definitely in an uptrend. Has kind of run out of steam, therefore a new trigger is necessary. It looks to me that price will be pushed down. Can not predict precisely how far, but some levels are very obvious.
First is the green line which is the recent swing low. Breaking below this low should mean that a downtrend has begun. But it is for another reason, just to get more momentum. Same goes for another possible entry level - the blue line. Why? Many stops had been placed below this breakout candle ( broke above the previous swing high - purple line ). Those might be targeted. It can be that this is not the case, but if there is some serious buying at that level, then we know what is happening.
First is the green line which is the recent swing low. Breaking below this low should mean that a downtrend has begun. But it is for another reason, just to get more momentum. Same goes for another possible entry level - the blue line. Why? Many stops had been placed below this breakout candle ( broke above the previous swing high - purple line ). Those might be targeted. It can be that this is not the case, but if there is some serious buying at that level, then we know what is happening.
