TradrzHQ
Short

GBP/USD PART 1: Weekly view, longer term, short then long

FX:GBPUSD   British Pound / U.S. Dollar
This is the first half of my GBP/USD -0.13% analysis.

On the weekly chart, we have some low crouching above the weekly support block, still within the optimal fib retrace zone.

The red level is an important weekly support/resistance level.

I think when we finally take out those lows, we'll have enough of a bounce to attack the previous highs.

We have 2 plays possible right now:
#1 - Short to the weekly block, which is acceptable since it's a higher time frame, this move will be around 350 pips which is great

#2 - Long from the weekly block with a target of previous highs. If we get a nice bounce from the block initially it should confirm our bias.

Next half of this analysis will go on the lower time frame for that SHORT setup.

Original idea by Svarog https://www.tradingview.com/chart/GBPUSD...

Bad brexit news may propel this to first target - Jack
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out