GBPUSD: Time at mode uptrend might give us a great short soon

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD             has an interesting chart here, with very clear resistance levels and a stop loss level for short trades. We will be looking to short the top of the current uptrend, to rejoin the long term decline in the Pound.
I think the uptrend is doomed from the get go, being a pullback in a downtrend, so, I will look to fade the rally when safe.

The chart shows a potential signal that could take price to the vicinity of 1.2830, but, there is a massive supply level at 1.2767 that could make the uptrend fail. Look for shorts above 1.2767 ideally, you can take a long term position and spread the selling over multiple days, using the stop on chart. If the analysis is correct, we'll get more confirmation for a precise technical short entry soon, for now, wait for updates here, and watch it. Going long isn't reccomended, although this will probably rally while EURUSD             retraces.


Ivan Labrie.
Comment: Almost confirming the uptrend signal.
Comment: The Pound's stuck here...I'm watching from the sidelines.
Comment: GBPUSD moving up
Comment: (from the KHL chatroom)
Comment: Approaching the short zone.
Comment: You can start shorting here, and until FOMC. Spread your entries over a few days, to reduce risk.
Comment: Seems like we caught the top. Adding a bit more each day at the close.
Comment: Pairs like GBPAUD are an optimal sell too.
Comment: Acting well.
Trade closed manually: Better wait to reenter, exit now.
Trade active: I'm reshorting here.
Comment: Doubled the trade at 1.2504 and trailed stops to 1.2541, risk is $0, nada. Avg. entry: 1.2544. Would result in a 3 pip profit if stopped, but I think it'll keep going down.
Comment: Great progress, hold!
Comment: It should hit 1.2160-1.2170 before seeing any reaction.
Comment: Certainly worked to predict the top.
You're right about GBPAUD. Beautiful sell opportunity.
IvanLabrie I_see_BTC
@I_see_BTC, yes, I think it resumes the longer term downtrend now.
Thanks for the comments.
RJHumphries IvanLabrie
@IvanLabrie, which might explain the rally in the Ftse100....
I agree! I have already started selling GBPJPY and looking at GBPUSD now. Might be next week before it starts moving down. I am going to avg my way into the turn on GBP pairs.
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