Synapse
Long

GBPUSD - Sets the stage to break descending trend line

FX:GBPUSD   British Pound/U.S. Dollar
365 4 8
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
Piet.Hein
10 months ago
Great job. Good luck fellow :)
+1 Reply
marcus123
10 months ago
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 marcus123
10 months ago
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
10 months ago
Agree.
+1 Reply
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