The GBP has been dragged through the dirt for the past month, mostly due to Brexit talks and other uncertainties
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Currently we have witnessed a falling wedge, ABCDE Structure, H&S pattern and a Flag Pattern all forming the previous week
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This can be seen as move as an aggressive correction to the macro downtrend, more than a reversal
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The bull bias will be confirmed on the break and close over the flag break and close
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Price is projected to reach the (D) leg at 1.92800, while anything over the 1.86247 is considered invalid
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Currently we have witnessed a falling wedge, ABCDE Structure, H&S pattern and a Flag Pattern all forming the previous week
-
This can be seen as move as an aggressive correction to the macro downtrend, more than a reversal
-
The bull bias will be confirmed on the break and close over the flag break and close
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Price is projected to reach the (D) leg at 1.92800, while anything over the 1.86247 is considered invalid
Comment:
Price closed over our flag before pushing back through, this would be due to the new week open volatility. Price is still expected to push higher.
Trade active
Trade closed manually:
The NZDUSD shows great strength currently, while the GBP is still quite beaten.
Analysis closed
Analysis closed