GBPUSD has been falling since the 1st of May. We are at the bottom of a range which we have been in since the end of March.
A range of 1.21500 - 1.26500.
I think there is an opportunity to go long in this market but if we break out of this range to the downside, there is a potential to go significantly lower.
I prefer longs in this pair. Everyone's comments and feedback are more than welcome.
Is that not a double top at 1.2650 which we have then subsequently broken the neckline at 1.2250? The 1.2650 double top also breaks the 61.8% Fib retrace from the major impulsive move early March indicating a likely move to the downside, also the overall primary trend is to the downside?
PeterHedger3
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@Leon796 I agree with you. When I look at the larger time frames. It looks like we will have a large move, up or down. I just prefer a long overall. Definitely there is an argument to the downside too. Thanks for your feedback.
JLA23
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@PeterHedger3, thank you, i have only been studying trading for 2 months now, so getting there slowly!!
JLA23
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@PeterHedger3 looking good at moment; got limit set at 1.2010 for couple of hundred pips