FX.co ★ Comprehensive Analysis in Trading: Mastering Methodologies

The trading day is currently under selling pressure for GBP/USD. A bearish engulfing pattern has formed on the 4-hour timeframe. I have already entered a trade based on this pattern, so I am expecting the downward movement to continue. Let's wait for the start of the American session. Tonight, the head of the Fed will be speaking, which could add volatility to the market today. My priority remains selling the pair towards the weekly demand zone with boundaries at 1.3130-1.3170. From this zone, I anticipate possible bounces with the potential for a bullish reversal pattern. I am waiting for the formation of a bottom and the beginning of a reversal far to the north over the course of several days or weeks.