Synapse
Long

GBPUSD - Sets the stage to break descending trend line

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
365 4 9
Greetings Fellow Traders -

GBPUSD             has been consolidating ever since reaching the 1.4350 Resistance level via bearish strength that was identified. This could be the end of several touches against that trend line . The consolidation has taken on a shape of it's own, in what appears to be a bullish flag/pennant.

Keep an eye out for the resistance level to be broken before momentum increases to break even higher. I expect price to stall around the 1.4300 to 1.4310 level albeit briefly before breaking for a move much higher.

Upper targets will rest near 1.4450 and I expect that the 2015 yearly lows will keep price subdued below the 1.45-1.4550 levels.

Feel Free to comment/like/follow
flag adds weight to long, however, personally, I wouldnt be in yet; got the breakout to upside and now pulling back to possible 61.8 H4 fib; but still nothing shouting long yet for me;
Reply
Synapse PRO marcus123
Make sure you understand the post! Until there is a confirmed break, I have no trade - Bears will and have clear advantage until that confirmed break occurs.
Reply
Piet.Hein Synapse
Agree.
+1 Reply
Great job. Good luck fellow :)
+1 Reply
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