what you have to know regarding Sterling dollar
since the beginning of 2018, the GBP/USD pair was trading lower, forming the first point of our expanding wedge. On August GBP/USD corrected the down move forming the second point of our expanding wedge. And before 2018 ends the pair drift lower back again to form our the 3rd point of our expanding wedge.
At the beginning of 2019, the pair start to retrace from the last aggressive 2018 down move, forming the 4th point of the expanding wedge, the retracement was shy but al least market corrects a bet. The downside journey resumed till September, forming the 5th point of the wedge. Since then, the market (GBP/USD) make a great effort to jump north and touch the upper border of the wedge.
NOW, this last move was the highest quality structure (2019 low toward 2019 high).
you can till now, that the next move is down to touch the lower border of the wedge!! it is absolutely NOT.
We Think This Up Trend Still Intact And Further Move Up Will Come Soon To Take Out That 2019 high At 1.3500.
Our Plan Is Buying A Key Levels ( BUYING THE DIP THEME) Of This Retracement.
Some Of Our Key Levels Mentioned On The Chart With Respect To The Round Number.
At the beginning of 2019, the pair start to retrace from the last aggressive 2018 down move, forming the 4th point of the expanding wedge, the retracement was shy but al least market corrects a bet. The downside journey resumed till September, forming the 5th point of the wedge. Since then, the market (GBP/USD) make a great effort to jump north and touch the upper border of the wedge.
NOW, this last move was the highest quality structure (2019 low toward 2019 high).
you can till now, that the next move is down to touch the lower border of the wedge!! it is absolutely NOT.
We Think This Up Trend Still Intact And Further Move Up Will Come Soon To Take Out That 2019 high At 1.3500.
Our Plan Is Buying A Key Levels ( BUYING THE DIP THEME) Of This Retracement.
Some Of Our Key Levels Mentioned On The Chart With Respect To The Round Number.