Hi everyone :) I usually play my game plan as an overall guide to my day trading for the week. For any disciplined funded trader, one of the common rule is our inability to hold trades over the weekend or continuously through a month. Except you also are building a side account like me ;). However, I am sharing my entire analysis, because we are at the end of the year, reaching the end of the month and in a very hot week (Check the hot news releases for this week). I am anticipating a lot of impulses in price action this week and next week.
I am anticipating a strong sell all the way to 1.1097 as part of the Elliot wave correction. Price has been bullish since 26th Sept. 2022. This is a correction for a bullish GBPUSD in 2023. The composite buyers are taking profit, and driving price to discount for a move higher.
Trading GBPUSD within this volatile period may be challenging, so pay attention to price action NOT indicators. I am expecting a seller's market to 1.1739/1.1738 as my first target (possibly the target for this week). A possible pullback into resistance might occur to 1.2033 before another strong sell to 1.1097. This second bit might happen next week.
As always, trade cautiously, observe your leverage and margin, manage your risk. I wish you a happy end into our trading activities for 2022.
What is the trigger to sell this pair? UK BANK interest rate?
SwingingPrime
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@goehbola, we've got one more bullish push within the range of yesterday before any sell positions. Yes, you are correct, USD is going to push the market lower.