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www.fxtrainingzone.com GBP short trade based on the 5th wave MACD showing strong downward momentum: -4H showing lack of conviction to the upside -4H channel resistance line together with doji formations. – Price has found strong resistance off the 50% retracement level. – 1H chart showing confirmation with a lower high.

GBP/USD long trade based on momentum from EMA / FIB lines / candle pattern explained. Reasons for trade: – Strong Bullish engulfing candle close on the 4H, which closed below previous resistance. – Price failed to push lower on the 4H time frame, and close below 1.4560. – Price action found support off the 23.6 200 moving average on the 4H. – Large belt holding candle on the 1H which confirms momentum. – The daily chart found support off the 89, together with price action placing a higher …