dlifestyletrader

GBPUSD Done with Pullback

Short
FX:GBPUSD   British Pound / U.S. Dollar
Due to the uncertainty over the U.S election, demand for dollar continued to rise against its major peers.

While the brexit talk was delayed further, uncertainty is almost certain to build up again and thus pound will suffer.

The major bullish structure which was supported by a 7-month rising trendline was broken last month, pointing to an end of a bullish trend .

The market has pulled back from September's loss throughout October which formed a rising channel was seen broken below today.

As a result, GBPUSD is very likely to keep falling for the rest of the week and right now is a good price to sell as it has pulled back to 618 fibo level in the H1 timeframe.

If the price continues to pull back, we can still sell again around 1.3030.

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