ridethepig

ridethepig | GBP Trade of the Week

Short
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
♟ Another clear map for us to play with Brexit and the U.S. elections acting as the main price drivers.

A double top is a purely tactical weapon. It is terrible compelling; even for the most unaware retailers who will jump in - so we are tracking for flows driven to the lows after a double top .

We shall close this Brexit chapter with some strong short GBP trades.

(1). In the following EURGBP things are coming down to an interesting break unlocking the 1.00x levels:


GBP sellers have of course got the control, they are winning the continuation as long as 1.306x is holding (note the importance of this resistance, it should be safe and sound). What we must take into account is the tactical manoeuvre of the slimy politicians and any headlines around a brexit deal. To the downside, 1.291x as an initial target with 1.267x the bigger level below.


Thanks for keeping the feedback coming 👍 or 👎
Trade active
Comment:
Comment: Sellers need to hurry up and complete the move before month end...
Comment: Looks like this is going to close in nothingness...
Comment: Finally 👍
Comment: Finally.... TP1 hit! ✅
Trade closed: target reached
Comment: ...and we are back to the entry point on time for the main event. A quick chart update here for those looking to play the flows: