Dear traders,

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.

This could be a bearish engulfing, inside bar, or another inverted pin bar.

Ideally, this pattern might occur after a small retracement back to 1.2350.

Until then, I will be patiently waiting.

Happy trading,

Colibri Trader

P.S.

Did you read my previous article on 15 Tips on Growing a Small Trading Account?

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