GBPUSD has dropped almost 200 pips in the past 3 days. Brexit and Euro Oct 15th deadline date is very crucial as well and it looks like UK will be leaving without a deal (again).
Once we have a break below this channel, start selling. Expecting price to go down to 1.2700 levels.
RSI in sell zone
This pair has now broken the 4hr up trend line. Look to sell at the backside area of the up trend line down to 1.1625 area.
Indicators:
1. Daily RSI in sell zone.
2. Backside of resistance area of 1.3040 tested and bounced south.
3. Daily bear strong candlestick.
Entry 1 @ 1.3000 (safe entry)
Entry 2 @ 1.2911 sell stop
TP @ 1.2700 (take profits of 50-80 pip ranges as you trade down to lock in profits)
And, as always, remember risk management. We are still in the USA election season and anything can happen.
Good luck and let me know if there are any questions.
Charles V
CVFX Management
Trading made Simple
Once we have a break below this channel, start selling. Expecting price to go down to 1.2700 levels.
RSI in sell zone
This pair has now broken the 4hr up trend line. Look to sell at the backside area of the up trend line down to 1.1625 area.
Indicators:
1. Daily RSI in sell zone.
2. Backside of resistance area of 1.3040 tested and bounced south.
3. Daily bear strong candlestick.
Entry 1 @ 1.3000 (safe entry)
Entry 2 @ 1.2911 sell stop
TP @ 1.2700 (take profits of 50-80 pip ranges as you trade down to lock in profits)
And, as always, remember risk management. We are still in the USA election season and anything can happen.
Good luck and let me know if there are any questions.
Charles V
CVFX Management
Trading made Simple
Comment:
Patience is always key. GBP has shot up after Brexit deadline has been extended, once again. Channel looks to be holding, good additional entry at top of channel around 1.3080-1.3100
