GBPUSD SHORT IDEA +250 PIPS
Price was travelling in a large descending channel marked out by the large BLUE lines. After the slight recovery from Theresa May's destruction of the pound, price found itself in an ascending channel which managed to actually break the BLUE DESCENDING CHANNEL to the upside. You still with me?
HOWEVER, price has now found its way back into the descending channel, indicating a FALSE BREAKOUT. Price has been performing well inside the zones marked out on the chart, We expect price to make its way back up to the top of the channel again which is also it's next resistance area marked out, and then we expect it to make its way back down into the centre of the channel.
TARGETS MARKED OUT ON CHART!
HOWEVER, price has now found its way back into the descending channel, indicating a FALSE BREAKOUT. Price has been performing well inside the zones marked out on the chart, We expect price to make its way back up to the top of the channel again which is also it's next resistance area marked out, and then we expect it to make its way back down into the centre of the channel.
TARGETS MARKED OUT ON CHART!
Trade closed: target reached:
Target 1 reached - Price broke the closest support area due to fundamental data releases on the GBP pairs.
Retest of that zone and then a drop further is what we think.
Take partial profits if wanted
Retest of that zone and then a drop further is what we think.
Take partial profits if wanted
Comment:
Target 2 reached , we didnt quite reach target 3 but secured plenty of profit, reversal occurred at the resistance line above our target 3
Trade closed: target reached:
TARFET 3 REACHED +250 PIPS CAUGHT