MarlyForex
Short

GBPUSD - TOO MANY INDICATIONS OF MORE DOWNSIDE!!!

FX:GBPUSD   British Pound/U.S. Dollar
392 3 18
Display: FX:GBPUSD            

Description: As shown above we have FX:GBPUSD             . This pair is currently Bearish , Price is in an Ascending Wedge/Bear Flag on the Daily Weekly
Etc. Long Term we are in a descending chanell since late 2013 failing to break out of this multiple times over the years.
Looking back at structure we can see price was Bearish since 2007, we had a large scale correction from the lows of 2009 retracing to 0.50 followed by a move to the
downside.

Price has failed to close below 1.37500 after multiple MAJOR attempts ranging in that area a good 3 times.Following the rejection back in early Feburary we have rallied
back up into touch the Outer Trendline of the Descending channel, Failing to break out once again followed by a distintive Shooting Star which bounced off the 200 EMA.

Indicators: On the RSI we made it into Bullish territory with a sharp return we are now approaching the 50.00 a break below this would show a break out of the
Ascending Trendline already giving us one Short signal. Quite obviously the 50,200 on the Monthly Weekly charts are heading South based on previous price,Currently on
the Daily We have the 50 ascending which will likely change on a break and close it this would also be another confluence for Short position based on where price is
now.The 200 EMA is acting as magnetic Resistance Within the channel.

Duration: Long Term

Decision: I will short this pair With a break below the BLUE Trend-line, Followed by a break of the 50 EMA & a Bearish Setup any where below Previous Monthly Support 1.44000, BE
CAREFUL WITH YOUR ENTRY AS WE ARE STILL IN A BULLISH CHANNEL AND WE COULD SEE A MOVE DOWN TO THE 0.50 FIB FOLLOWED BY A POSSIBLE
BULLISH CONTINUATION SETUP. I will post the safest Entry Below in the Trade Setup section.

Trade Setup:
Entry: 1.43400 Early Entry: 1.43600
TP 1: 1.42800
TP 2: 1.41800
TP 3: -
SL : 1.44400 SL: 1.44750

Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.

Remember to always trade your stratergy... Happy Trading
Michael_KM PRO
7 months ago
Top tier analysis
Reply
MarlyForex Michael_KM
7 months ago
Appreciate that bro!
Reply
hikagemono
7 months ago
Just went long this pair. Good luck to everyone.
Reply
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