Hi traders,
I've been observing GBPUSD 's consolidating channel for the past few months (on the monthly timeframe) and see that although we have a blacksheep at the current market price, we should see the currency continue to plummet following these steps:
Step 1: The maket will reject at the tail/ shadow of the our blacksheep candle and form another blacksheep to cancel out the previous one considering the bearish momentum we currently have on the monthy timeframe.
Step 2: The market will continue to be bearish until we meet our support structure and we will observe from there to see if we will breakout to a new low or experience a market rejection forcing GBPUSD back to our current key level.
Pleae note that this analysis was done on the monthly timeframe and thus, I will hold this trade for 4 to 5 months.
What are your views on this currency pair? Do you believe that it will break through our support or return to our keylevel?
Disclaimer
NASDAQ Guru offers general trading signals that does not take into consideration your own trading experiences, personal objectives and goals, financial means, or risk tolerance.
I've been observing GBPUSD 's consolidating channel for the past few months (on the monthly timeframe) and see that although we have a blacksheep at the current market price, we should see the currency continue to plummet following these steps:
Step 1: The maket will reject at the tail/ shadow of the our blacksheep candle and form another blacksheep to cancel out the previous one considering the bearish momentum we currently have on the monthy timeframe.
Step 2: The market will continue to be bearish until we meet our support structure and we will observe from there to see if we will breakout to a new low or experience a market rejection forcing GBPUSD back to our current key level.
Pleae note that this analysis was done on the monthly timeframe and thus, I will hold this trade for 4 to 5 months.
What are your views on this currency pair? Do you believe that it will break through our support or return to our keylevel?
Disclaimer
NASDAQ Guru offers general trading signals that does not take into consideration your own trading experiences, personal objectives and goals, financial means, or risk tolerance.
Trade closed: target reached
