GBPUSD 30min Analysis January 18th, 2021
Price is at our key structure zone, previous support, and key monthly level.
Trade Scenario 1: Bullish - For us to go long we want to see price bounce off our structure zone with strong bullish pressure. We will look to enter on a clear double bottom, bullish setups, or engulfings.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key structure zone and monthly level of 1.35266. We will then wait for a retrace and for our monthly level to act as resistance. Enter on strong bearish setups.
Trade Scenario 1: Bullish - For us to go long we want to see price bounce off our structure zone with strong bullish pressure. We will look to enter on a clear double bottom, bullish setups, or engulfings.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key structure zone and monthly level of 1.35266. We will then wait for a retrace and for our monthly level to act as resistance. Enter on strong bearish setups.