Master the IBWT pattern

Want

Get it now (risk-free)

8 patterns that make up 98% of my PA income

Get it now (risk-free)

Learn the Scalping Secrets

Get it now (risk-free)

Read on Mobile Enter Reading Mode

GBPUSD Trading Analysis 03.09.2023

Posted on Sep 3rd, 2023

by colibritrader

Dear traders,

Last time I wrote about USDCAD.

The pair did not gather enough strength to move lower and hence has continued its move higher.

The inside bar on the daily was rejected and thus not confirmed for a short entry.

Currently, USDCAD is playing with the 1.3700 barrier.

It looks neutral and I am not looking to enter into a trade.

GBPUSD Trading Analysis 03.09.2023

Today, I am looking at the GBPUSD pair.

There was a three-day bearish engulfing pattern on the daily chart.

It looks like we might see more selling ahead.

Before that happens, I would like to see the price re-testing the 1.2625 level.

I would ideally like to see a 4H bearish confirmation candlestick.

If this does not happen, we can alternatively see the price testing the most imminent support level at 1.2550 and then bouncing back up again.

Depending on where the price goes first, I will be looking to potentially either go short or go long.

Until then, I will be waiting patiently.

Happy trading,

Colibri Trader

Have you checked my article on 7 Pullback Trading Strategies?

(Visited 211 time, 1 visit today)

Leave a Reply Cancel reply

Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Colibri Trader Ltd, its employees, directors or fellow members. Futures, FOREX, CFDs, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures, FOREX and CFDs markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.