GBPUSD Update: Potential Bearish Flag Trading Setup Identified

FX:GBPUSD   British Pound / U.S. Dollar
Trade Setup:

- Entry: Sell at retest of trendline

- Target: Extended towards Bullish Butterfly Pattern completion zone
- Trade Management: Utilizing upsize trade strategy

While many analysts see consolidation, I've identified a potential Bearish Flag trading setup on GBPUSD. The series of lower highs on the 4-hourly chart indicates a possible continuation of the bearish trend. I'm waiting for a retest on the trendline to execute a short position on GBPUSD. Using my trade management system, I plan to implement an upsize trade strategy to extend the target towards the completion zone of the Bullish Butterfly Pattern.

Trade Management:

- Upsize Trades: Leveraging trade management system for increased position size.

- Entry: Selling at the retest of the trendline.

- Targets: Extending targets towards the completion zone of the Bullish Butterfly Pattern.

Risk Management:

- Prioritize risk management to safeguard capital.

- Adjust position sizes according to risk tolerance and trading strategy.

Your Thoughts?
Do you also see potential for a Bearish Flag setup on GBPUSD? Share your insights and trading strategies in the comments below!

👍 Like if you found this update helpful! Remember to conduct your own analysis before making any trading decisions. Trading involves risk.

We believe that we should not slog our life away. Keep working to the minimum. How about 15mins a day?

Get into our 15mins workday community

Live session & Trading Tips on the GO

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.