It has been a few weeks since our last trading analysis.
I have been keeping busy in the trading room.
In the meantime, the AUDUSD went down as expected.
It was a 130+ pips move and then we’ve found some strong support that reversed the price back again.
Currently, the pair is in a no man’s land and I would not be looking to open any positions.
At the same time, I am looking at another major pair- GBPUSD.
GBPUSD Trading Analysis 07.11.2023
Today I am looking at the GBPUSD.
It looks like the price has hit a micro supply zone and there is a high chance we might see the bearish trend resuming.
There is an inverted pin bar on the daily chart.
It looks like there is more downside potential.
I will be waiting for a 4H confirmation.
Ideally, this pattern might occur after a small retracement back to 1.2350.
Until then, I will be patiently waiting.
Did you read my previous article on 15 Tips on Growing a Small Trading Account?