themarketzone
Short

Potential sell zone in Cable before rate

FX:GBPUSD   British Pound/U.S. Dollar
The bullish scenario mentioned earlier this week in my Weekly Markets Analysis newsletters this week has reached target zone - 1.52. (200 pips winner)

Now we have potential sell zone in $GBPUSD just before Rate decision:

Downtrend line
Major structure zone
Two SMA lines (50 and 200)

The potential bearish continuation scenario shown above suggests that $GBPUSD will continue lower and break 1.5 in order to reach pattern completion near 1.47-1.48

1.5 is still a very strong support zone and should be set as target level.

Stop loss should be at least above the 200 SMA line (for swing traders). Day traders should probably look for reversal patterns in smaller time frames in order to better time their entry and reduce their risk.

High Risk - Rate during Holidays season (a week before FOMC)

Tomer, The MarketZone.net

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Comment: Setup remains valid towards FOMC week
Comment: Final target zone reached. Don't miss the Bat pattern on 2016
Happy New Year.
Comment: Bat pattern violated
AGREED!
GBPUSD:EYE HAD NOT SEEN, NOR EAR HEARD....the things which GOD..
+1 Reply
The problem is the Dollar. Will it make a significant move before FOMC or will it stay solid following the recent pullback we've seen from the 100$ sell zone (DXY)
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IvanLabrie PRO themarketzone
Dollar index is pretty toast and with stock market crash around the corner it will go down I think, but the Pound is still a short.
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You think the stock markets said their final word? I think we are heading for another final round.. perhaps with the help of the Fed.
Reply
IvanLabrie PRO themarketzone
If they hike it'll melt down...huge options expiration can only make it worse.
I don't think it can rally and I have a weekly downtrend signal that aims for 1797.
+1 Reply
I actually shorted here.
Looks solid.
+1 Reply
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