ForexWeeklyAnalysis
Short

PENDING SHORT GBP/USD in high 1.69XX/1.7000 Region

FX:GBPUSD   British Pound/U.S. Dollar
66 3 0
Wait for price to hit the trend line for a possible short. Depending on when it gets hit, price may or may not be in the high 1.69XX/1.7000 region. However, I suspect the 1.7000 handle will act as a magnet, both for bulls to take profit and for bears to enter.
Considering this is a big level, they may overshoot and run stops above the 1.7000 level, so I wouldn't be surprised if price moved up to 1.71/72 region, so set your stop loss accordingly.
Target 1: 1.68 region (currently resistance but once price breaks above, this might become support)
Target 2: 1.66 region (current support on this upswing)
Target 3: 1.625 region (long term resistance turned support)

I have no idea when price will hit these levels, so it could be days, if not weeks before this trade is executed. However, when it does get executed, price should fall fairly fast due to the confluence in the high 1.69XX/1.7000 region.

PS: I was scalping longs between 1.66 and 1.675 for the past 2 weeks but currently do not have a long position. I will make another post regarding a possible long trade if price retraces to support.
ForceFollower
2 years ago
Yeah, looks great. However, it's tested that maximum excursion line already three times. So, next time, I expect it either to break through the line higher than we'd ever expect it to, or fail to test the line at all and return to support at 1.625.
Reply
ForexWeeklyAnalysis ForceFollower
2 years ago
Retail bears have been shorting this between 1.6667 (January high) up to 1.68 and have been expecting price to drop for the past 2 weeks... yet we're still stuck here. So, logically, I expect them to run stops above 1.682, however, not sure how high.

I'll probably start loading small shorts in the low 1.69XX region but my bigger orders are above and like I said, 1.71/72 region is not out of the question either. So the potential loading region is between 100 to 300 pips (depending on when you get entry).
Reply
Food for thought, previous high was 1.6820. If the trend line is hit today, the price will be 1.6920, which is exactly 100 pips from the previous high (normal amount for running stops).
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out