GBPUSD is approaching a strong structure support level on weekly t.f. This horizontal support matches perfectly with a support line of a falling wedge. There is a very high probability to see a pullback so look for a reversal signal. Target level will be 1.25
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Market consolidates on support I am looking for a reversal signal right now
I don't like how it quickens as it approaches the support.
VasilyTrader
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@greenmask9, 1.20 is the level with minimal risk
OrcChieftain
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@VasilyPonomarev, If it gets to this point, losing momentum over time, I will gladly take it ;) :)
VasilyTrader
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@greenmask9, I really love the feeling when you go against the crowd and make profit when everyone is losing)
ProTraderNataliaRUS
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Very good analysis, Vasily!
Have you taken long ?
VasilyTrader
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@ProTraderNataliaRUS, no, currently I am looking for a reversal pattern on lower t/f
LuminousSenobite
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GBPUSD looks extremely scary, i really hope it doesn't break out of that support area and makes a new low on us.
VasilyTrader
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@LuminousSenobite, yes, I agree, it is panic.
but trading pure technical analysis you still should follow your rules.
according to my rules, no matter what, I should look for trades based on structure)
LuminousSenobite
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@VasilyPonomarev, I was just generally speaking, not taking the trade based off your idea btw. But i do agree with your IDEA, I do have a couple positions long on this pair. Hopefully it works out, i really do not want to see it breaking support. I don;t think it will either as i think we should see some bullish action tomorrow or Thursday. Hopefully.