Nice trend has formed on GBPUSD at the end of this week. Based on wave A and B I expect point C to not only break through the yellow dashed support but to reach the main purple support level. I've been following this trend since point A.
The general trend is an uptrend, it started around March 2017; the idea here is to find trends within that long uptrend; this here is an example of a nice trend within that general uptrend.....USD was doing alright this week and looked as if it was going to continue that performance but sadly not; huge moves across many pairs; (other pairs like EUR/USD are looking like shorts also). CPI for UK coming out next week along with some important US data, so we'll see if it'll effect this pair; it already seems to be overbought but we'll see; if not then a nice short for this GBP/USD.
Cheers everyone and great weekend.
The general trend is an uptrend, it started around March 2017; the idea here is to find trends within that long uptrend; this here is an example of a nice trend within that general uptrend.....USD was doing alright this week and looked as if it was going to continue that performance but sadly not; huge moves across many pairs; (other pairs like EUR/USD are looking like shorts also). CPI for UK coming out next week along with some important US data, so we'll see if it'll effect this pair; it already seems to be overbought but we'll see; if not then a nice short for this GBP/USD.
Cheers everyone and great weekend.
Comment:
Clearly was a resistance triangle which took off. My stop loss was hit and I followed the RT pattern.