Dear traders,

Last time I wrote about USDCAD.

The pair still seems to be finding its feet.

After going lower, USDCAD started gaining some momentum, but it is still too early to define a direction.

GBPUSD Trading Analysis 01.06.2021

Today, I am looking at GBPUSD.

There is a major supply zone at where the price is located at the moment.

The daily candle is a bearish engulfing candle.

It looks like the stars are aligning for a bearish scenario.

What I will be looking for in tomorrow’s trading session:

  1. Retracement back to the 1.4180 level
  2. Bearish confirmation from a 4H candlestick

If I do not see those two criteria aligning, I might just move one without doing anything.

If I see a bearish confirmation from the 4H, I might considering shorting this pair.

In all circumstances, I will be extra careful because we are still in a major uptrend.

Happy trading,

Colibri Trader

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