Daily - We can clearly see a descending broadening wedge, which makes this pair Bullish in long term, however I would like to see this pair hit the bottom of the wedge before it heads up, if we do break the blue trend line, its a safe to say to sell after a small consolidation, if we don't then we shall continue heading up.
4hr - The 4hr time frame also shows a wedge too, but its unclear if its descending or ascending wedge. regardless of the wedge properties, a breakout of either side should be followed by a small consolidation and a big move.
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down side prevails, safe to short with tight SL
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short SL was hit, we are back to the wedge, waiting to see what happens next.
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daily short confirmed, wait for a little consolidation before selling.
The walk gbpusd is having is not Bearish :) but cunning :) to trap sellers.. remaining market will tell..
Tradesmanship
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I personally think we have not seen the bottom of GBP yet, I feel like we need one more leg down before the real bullish movements start, but we shall see ;) , I will close all my positions before FOMC, am not looking forward to any surprises haha.
newbie2016
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I am bearish too.. but i can not ignore bullish moves.. check gbpaud 1hr chart.. double bottom and now trading at neckline of it.. also check 4hr candle.. So watching that gbpaud.. I think gbpusd will remain for more consolidation as I see upside in gbpaud and check gbpjpy as well..
Things are wild as I am bullish usdjpy..
newbie2016
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For gu, key area is 1.305 then 1.30 for today...
newbie2016
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This was the reason.. that I was saying to stay away from gbpusd short.. cuz bullish divergence was going on in other gbp pairs.. literally no movement from gu after news and all others pair was falling..
Tradesmanship
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yeah, well it didn't go down as I thought it would but it didn't go up either, its still consolidating, direction still unclear but am still in favour of short.
newbie2016
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I think more consolidation on way in gu due to its cross pairs.. check gpbnzd and gbpaud..
newbie2016
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It is still holding bullish divergence... check holding v. nice now above 1.31
Tradesmanship
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well fuk lol, am getting out of this, seems like its going your way. I shall come back for this another day
newbie2016
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lol not my way.. but market way.. my 1st msg was if gu remains above 1.305 then it will go for 1.32..
I think gu is in still good mood to consolidate then maybe fall.. for now lets see how far it goes..