Fxprotrader
Long

GBPUSD Time To Go Up, But First A Short Term Sell Setup

FX:GBPUSD   British Pound / U.S. Dollar
We would come to a point that this massive drop in GBPUSD             would come to end. Price is moving into a falling wedge pattern with MACD bullish divergence showing this down move is losing it's momentum. So what we should wait is for price to break above the pattern, watch for a buy setup and go long.

But first we could take a short term sell trade into the wedge . Price after a small impulsive move to the down has been into a correction, and a breakout below it will signal us going short.

Have an nice trading week, all..!
Comment: Price broke below the corrective structure. We may now watch for sell setups
With all the current political uncertainty, lack of government direction, poor economic figures and Brexit turmoil, I would not be surprised to see an all-time low for the £ in the coming weeks.
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mustard mustard
Thursday's bank rate decision could flip this current move.
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