Dear traders,

Last week I shared with you my thoughts on a few different trading pairs.

Here is the article.

So far, all those pairs- GBPUSD, EURUSD and AUDUSD have performed as expected.

They were up between 200-400 pips so far.

I have started seeing some worrying signs and therefore am looking for some further bearish signs.

EURUSD has printed a pin bar on the daily chart.

This coincides with a major resistance level.

AUDUSD has printed a in bar, too.

This too has bearish implications.

GBPUSD Trading Analysis 01.09.2020

I am looking at the cable. It looks like the bulls are taking money off the table and are ready for more selling.

There is a pin bar on the daily timeframe.

This coincides with a major supply zone.

I will be closely looking for a potential 4H confirmation and might go short.

One important note to keep in mind is that if that is a reversal point, it might take longer than expected for the imminent trend to reverse.

We might also see a small retracement and then a continuation of the uptrend.

I would ideally like to see a bull trap on the 4H chart and only then consider shorting GBPUSD.

So for now I will be staying on the sidelines and waiting for a potential entry.

If that does not come, I will just move on with my trading.

Happy Trading,
Colibri Trader