This pair is on clear downtrend, we can see the series of LH, LL forming. Price made a last pullback to the 0.61 fib and found strong resistance there, suggesting the decline will continue. We have also:
- bearish hidden divergence on MACD - RSI trendline broken - mutiple candlesticks rejecting the zone - triple top with divergence (H4 chart) - bearish shark (H4 chart)
Best regards.
*****************DISCLAMER******************************************************************** Always do your own analysis before opening a trade. Any respectful and constructive ideas are welcome (agree or disagree). Follow me on Twitter for updates: @fxtrader2000
Comments
HermannHesse
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Nice trade as always! Don't you think it is a little bit risky open this trade with Thursday 5th Bank Of England meeting?
FullTimeTrader
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Hello, you are right, trading is rarely perfect, there is always a BUT to consider. We have two days left, we can open the trade now and depending on each trader close all positions, move SL to BE or take partial profits before the news. Regards.
SrikanthRaj
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I have been following up on this, are we still trading this? it seems its breaking above even though there isn't much support above.
FullTimeTrader
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Hello, the trade is still valid. Now we have a double top with divergence, also a sell signal, regards.
rozy11Toro
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Thanks for sharing this great trade! Totally agree. I will be in the trade until Thursday, I don't like to trade among the news. Have a nice day, and thank you again for your work!
P_Parker
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Nice. My Short-Term View:
FullTimeTrader
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Good setup, price is already breaking last trendline. Regards.