On the Daily chart above, we would observe price is currently, more or less, in a dicey situation: while our bias still remains bearish – partly due to the Daily lower high lower low formation that’s still intact as well as price’s bearish close yesterday – current price action is moving farther away from the previous day’s low @ 1.6379 (not highlighted) and, instead, advancing toward the previous day’s high – a not so good sign for the bears. We usually like to see price break below previous days’ lows to strengthen our bearish biases. Today is turning out to be another “waiting day” on the GBPUSD pair.
On the H4 chart above, we have a closer observation of current bullish price action. Again, though, our bias is still bearish, price has rallied a relatively great distance away from the most recent swing low – also the previous day’s low @ 1.6379 (which we’ve highlighted using the blue broken line). In short, our bearish bias is waning; however, the white horizontal line @ 1.6591 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.
On the Daily chart above, we would observe price is currently, more or less, in a dicey situation: while our bias still remains bearish – partly due to the Daily lower high lower low formation that’s still intact as well as price’s bearish close yesterday – current price action is moving farther away from the previous day’s low @ 1.6379 (not highlighted) and, instead, advancing toward the previous day’s high – a not so good sign for the bears. We usually like to see price break below previous days’ lows to strengthen our bearish biases. Today is turning out to be another “waiting day” on the GBPUSD pair.
On the H4 chart above, we have a closer observation of current bullish price action. Again, though, our bias is still bearish, price has rallied a relatively great distance away from the most recent swing low – also the previous day’s low @ 1.6379 (which we’ve highlighted using the blue broken line). In short, our bearish bias is waning; however, the white horizontal line @ 1.6591 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.
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