Description: As shown above we have FX:GBPUSD . This pair is currently , 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 since 2007, we had a large scale correction from the lows of 2009 retracing to 0.50 followed by a move to the
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 of the , Failing to break out once again followed by a distintive which bounced off the 200 .
Indicators: On the we made it into territory with a sharp return we are now approaching the 50.00 a break below this would show a break out of the
Ascending 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 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 & a Setup any where below Previous Monthly Support 1.44000, BE
CAREFUL WITH YOUR ENTRY AS WE ARE STILL IN A AND WE COULD SEE A MOVE DOWN TO THE 0.50 FIB FOLLOWED BY A POSSIBLE
CONTINUATION SETUP. I will post the safest Entry Below in the Trade Setup section.
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