GBPUSD: Trade of the Day

FX:GBPUSD   British Pound/U.S. Dollar
Hello traders.
Today on FX:GBPUSD             we have a very nice shorting opportunity. The price has made perfect double top @1.5470 at very strong structure resistance level. For more confluence look left or switch to daily or 4h timeframe to see it better. Then price broke the neckline and went back @fibs 61.8 which gives us a 2618 setup and very nice shorting opportunity.
Our targets are next support @1.5372 and the second target 1.5348 with the confluence of fibs extension 1.272.
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great idea! thanks!
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Your are welcome! Thanks for comment.
Very good.
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the red EMA best shows whats going on - its FLAT now)
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RCP Killy_Mel
yes, thats right, price was in consolidation from the opening of the day, recently it has started moving and we should see the fall down according to the setup.
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I've got similar thoughts
BAMM and BAT trades
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RCP Alexander_Nikitin
Very nice Alexander! Since the price hits the target, the Bat pattern will be finished to go long.
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Yes, here's the thing)
Great!! When it's time to buy?
RCP LuisAmboni
Thanks Luis. So, according to my analyzes the good zone to buy will be somewhere in 1.5356-1.5336 levels. However, If the price violates this zone (1.5356-1.5336) and closes below, I dont see any buy opportunity then.
Alexander posted a bat pattern which is almost completed as well.
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Yeap! I imagine 1.5340... just waiting here! Thank's and green trades!!
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RCP LuisAmboni
Thank you mate, same to you! I am waiting a bit higher, lets see what the market does. I respect bat, but as the price has big momentum I respect structure over a pattern, and wait the market to calm down and then move up.
Nice one!
+2 Reply
Thanks KVE!
Possible further scenario's?
GBPUSD: Possible scenario
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United Kingdom
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