Maybe not simple!!!
One thing for sure is we get a correction...
I will enter 2 short trades , I will take profit at 0.38 fib .131602...
then let the other position run...hopefully to bottom of channel....then buy to complete a butterfly pattern
Im still with this idea. the breakout of channel is false and just appears as a spike on the daily chart..GBP's rally is wearing out, already reversing VS AUD which is a trade that is in profit, I will attempt another short when I see a right shoulder to balance the left side....
I will watch price action on this one....to take profit
Potential Bullish Cypher so I will take profit there as dollar index looking weak, 8:1 risk reward as tight SL , must break the support trendline first , if not then its a break even trade,
cancelled this trade ....DXY may have a bullish butterfly.....expecting possible negative oil news which will fulfil the butterfly pattern and strengthen dollar...weaken GBPUSD further...expecting dollar lift to be shortlived if if fulfils this pattern....then I will buy GBPUSd until DXY retrives to its trendline (94.50)
Nioe opportunity for GBPUSD lies ahead
Either long on support channel and completion of this bat pattern...or short pullback...or both !!!