JLJ002500
Short

GBPUSD - Strong move breaking key resistance (Watch List)

FX:GBPUSD   British Pound/U.S. Dollar
59 0 0
GBPUSD            

I've been playing the short side, but have also been expecting a reversal. I expected 1.45658 to hold and to be a turning point. I was impatient and made a poor decision to enter a long trade expecting at least a modest pullback (~20 pips) at 1.460 - 1.455. Now that support has failed, the question is where does it go from here and what side of the trade do you take? Is this way over done and a significant correction due or will the bears remain in control?

Although I don't trade Monthly or Weekly charts, they often can provide valuable information.

Monthly Chart:
snapshot

Possible Crab formation. If it's a Crab pattern , there is a ton of down side remaining.

Weekly Chart:
snapshot

Fib 113% extension area could also be a possible reversal zone (or target for shorts) and it is ~126 pips from current price.


I'm on the side lines and will wait for further price action to determine how or if I'll trade this next week. Without a very strong reversal and a move above 1.500, I'm leaning towards playing the short side and entering after confirmation of key resistance holding.

United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out