GBPUSD just broke a long trendline on the daily and weekly TF charts, and established a new low. Currently at the .236 retracement level. I'm bullish to between the .50 - .618 retracement level (1.38000 - 1.39000). Short to the .236 area (1.35000) for a retest of the new trendline.
<ALTERNATE PLAY>
GBPUSD is currently at the .236 retracement level after breaking an uptrend. A continuation of the downtrend at this point occurs and validates the new trend. BEARISH to 1.308
***DISCLAIMER - TRADING ON THE FOREX EXCHANGE INVOLVES CONSIDERABLE RISK AND YOU MAY LOSE MORE THAN YOUR INVESTMENT. I SHARE MY ANALYSIS FOR PERSONAL REVIEW, HISTORICAL PRICE ACTION AND EDUCATION. I AM NOT A FINANCIAL ADVISOR AND DO NOT RECOMMEND YOU TAKE ANY TRADES BASED ON MY ANALYSIS.***
<ALTERNATE PLAY>
GBPUSD is currently at the .236 retracement level after breaking an uptrend. A continuation of the downtrend at this point occurs and validates the new trend. BEARISH to 1.308
***DISCLAIMER - TRADING ON THE FOREX EXCHANGE INVOLVES CONSIDERABLE RISK AND YOU MAY LOSE MORE THAN YOUR INVESTMENT. I SHARE MY ANALYSIS FOR PERSONAL REVIEW, HISTORICAL PRICE ACTION AND EDUCATION. I AM NOT A FINANCIAL ADVISOR AND DO NOT RECOMMEND YOU TAKE ANY TRADES BASED ON MY ANALYSIS.***
Trade active:
I am still bullish on GBPUSD. The market retested the previous low and did not breach it. Monthly and weekly structure show level one rise and pullback complete, and we are leaving an area of strong support.