ForexWeeklyAnalysis
Short

Pending Short GBP/USD - Rising Wedge within Rising Channel

FX:GBPUSD   British Pound/U.S. Dollar
373 2 3
When price is at the middle channel line like it is right now, it's often tricky to trade because it's literally a 50/50 chance that price can go up or down.

However, there's a short term rising wedge as well based on April's price action. Thus, the odds are favoring a short term drop, so taking a short position in the near future wouldn't be bad move.

Consider exiting if price closes above the middle channel line (or above 1.69)
Target the lower channel line (around 1.67)
This trade is void, broke the middle channel line and I lost 40 pips in the process...
Reply
nawras.elghorani
2 years ago
with all aooreciation to whatsoever thoughts , stratiges , indicators.....etc
it is all void when applying it to go against the trend, my own view.
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