AbbasD

Bearish trend on GBPUSD, post news-spike

Short
FX:GBPUSD   British Pound / U.S. Dollar
4
News was released from Great Britain a couple days ago regarding Brexit which shot the pair upwards. Normally, price tends to head back down towards an equilibrium after such an event occurs. This also goes to mention that the 0.23 fib level is holding quite well. I'm seeing a pullback shortly after this support level is broken and it will head downwards towards the 0.38 level which lines up quite closely to a previous support trend line. This would be a good zone to take profits in. Stop losses should be placed approximately 10 pips above the 0.0 fib level at the top
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.