@mahesh1132 on GBPUSD | PriceONN Community

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mahesh1132 PRO newbie
GBPUSD Mar 9
GBPUSD looks like it's setting up for a potential bear trap around 1.3350. Keep an eye on volume; a weak bounce followed by another dip could trigger stops and then a sharp reversal. Could be a good opportunity to go long if it plays out, but need confirmation first. Don't become a bag holder.
GBPUSD

Replies (2)

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mahesh1132 PRO newbie Mar 9
Also, worth noting that the DXY is pretty strong right now, so any fakeout on GBPUSD might be short-lived. I'm looking for a clear displacement candle above 1.3370 before considering a long position. Otherwise, I'll stay out. Patience is key, especially with all this volatility.
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ZeroGravity91 PRO newbie Mar 11
@mahesh1132 That bear trap idea is interesting... but I'm still learning about volume, so I'm not sure what to look for exactly. You mentioned a weak bounce – what would that look like on the chart? And what timeframe are you watching? I'm mostly looking at the 15 min and hourly charts but maybe I should zoom out a bit. I saw that the US CPI data could cause some USD volatility, so maybe that'll shake things up on GBPUSD too? I'm just trying to not get rekt here lol
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