Mihai_Iacob

GbpUsd- The bigger move should be up, not down

FX:GBPUSD   British Pound / U.S. Dollar
It was a crazy start of the week for GbpUsd , with the pair dropping 500 pips in Asia's open on Monday and after a dive even under 1985's low, we have a strong recovery to 1.09.
Since that high, GbpUsd has started to roll back down again with a price at the time of writing of 1.0650 and a descending triangle now visible on our 1H chart.
The trend is down, indeed, but in my opinion, GbpUsd will not make a new low, at least in the next few months, and has more room to rise than fall.
That being said, for me, the safer and more profitable trade would be against the trend now and a new visit towards Monday's lows can prove to be a good buying opportunity.
Bulls can target prices above 1.1 zone

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