GBPUSD exploded upwards last night which left us with an un-triggered trade. This is why we recommended to take the break of the low only, because the risk of a retracement was substantial. The best course of action is to wait for a short setup at the resistance level marked on the chart, if price breaks that level and starts making the HH, HL pattern, then our bias will become bullish and we would look for bullish signals off support levels.


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It’s no secret that the GBPUSD has been on a monster down tear lately and this momentum can seem to find now bottom. Price has been perfectly respecting the trend swing levels recently, and has produced some small price action signals.
Last session this market produced a small Bearish Rejection Candle, that normally we would not recommend trading, but given the strong bearish momentum, perfect trend conditions and the signal occurring at a trend swing level; we believe there is a decent trading opportunity here.
We recommend short trades are only triggered when price breaks down past the rejection candle low which could also see the next wave of bearish price action. This market has been moving downward for too long without any correctional retracement, the further price moves down the higher the risk of a bullish retracement move. That’s why we want to take the breakouts of the low only to confirm bearish momentum.
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