IvanLabrie
Short

GBPUSD: The Pound is facing downside pressure

FX:GBPUSD   British Pound / U.S. Dollar
The Pound has been supported, while tracing a triangle, which is characterized by the lack of a clear trend direction.
Rgmov has been in a downtrend, suggesting that every overbought rally was a short, which has been the case.
Currently, price is breaking below the weekly mode, which is 11 weeks long, and soon to be 12 after this week's close (unless we expand the weekly range down).

I think it's highly likely to see a sharp move to the downside now that the support has been broken and that the inside trendlines forming the triangle have receded too. If we expand the daily range, we could take a tighter stop short, for the time being I'm in with a 3 ATR stop loss, and will be looking to add as we get further confirmation of trend continuation.

Good luck if taking this trade.

If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.

Cheers,

Ivan Labrie.
Comment: A close under yesterday's low would be a nice victory by the bears, let's see how it goes.
Trade closed manually: Seems like it won't budget yet, better stand aside.
Order cancelled: With GBPUSD back above the mode shorts become invalid. It seems it'll rally together with oil for a while longer.
one of us will be right... ;-)
Reply
IvanLabrie Kumowizard
Hi, hehe yeah.

I have my doubts about shorts in oil, and thus GBP, but I think it's due for a break down, despite the apparently contrarian sentiment you quote.

I do favor GBPAUD shorts though, but GBPUSD might also be attractive soon enough.

Cheers.
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2Greedy IvanLabrie
Looking at past prices this level has held for nearly 20+ years after being tested numerous times, also BoE is pretty notorious and has outright exclaimed they will intervene if necessary like they have in the past. For these sole reasons I am long GU.

Then again, this is forex...anything can happen ;)
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So far it has broken down and my short is in profit, but I have a 3 times the daily ATR sized stop loss.
I'll add with tighter stops once the break down is fully confirmed.

The biggest level in this pair is higher, volume wise, so I favor the downside.
See my quarterly chart in related ideas.
Reply
IvanLabrie IvanLabrie
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Awesome, love this chart. Just did a similar type of private analysis. Just waiting for that breakout. Thank you for sharing mate, always appreciated :)
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