asdasdasdasd
Short

GBP/USD Long Short-term, but bearish bias!

FX_IDC:GBPUSD   British Pound/U.S. Dollar
You can see the clear rising wedge pattern that is forming here within the two red trend lines that follows a significant down trend. This type of set up generally tends to hold a bias in favor of the preceding trend which of course is bearish in this case. So, on a break-out of this pattern we can expect to see support levels broken and potentially new lows for this pair. A very good entry will be at the 50% retracement of the down trend (about 1.5900) which has proven to be support turned resistance once before. IF this level is tested again there will be many double top traders looking to get short for an optimal entry with a huge reward to risk ratio. You should expect to set initial targets at previous support of around 1.5500.

As always, you can follow me on my personal Instagram account @Matthew.Brodie for signals and position updates.
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out