Based on Technicals alone, it looks like we are coming to a reversal point on the GBPUSD.
SHORT TRADE INDICATIONS:
1) We are completing a Weekly Bearish Continuation Pattern (Flag / Rising Channel)
2) We are at Highs not seen in a good deal of time.
3) Price Action is rising and rising while RSI is going flat on Bullish Sentiment. (Forming Divergence... ON WEEKLY!)
4) We do not have a completion of a Corrective Pattern for Upside, so even if the overall movement is UP, we still need one more leg down before we can continue into a Bullish Trend.
To catch this drop, look for sell setups on the D1 - H1 from the current highs and hold at least until a retest of the bottom of the Channel/ Bear Flag.
Use proper Stops and Risk Management!
Good Luck and remember...
"Trade, Don't Gamble!"
SHORT TRADE INDICATIONS:
1) We are completing a Weekly Bearish Continuation Pattern (Flag / Rising Channel)
2) We are at Highs not seen in a good deal of time.
3) Price Action is rising and rising while RSI is going flat on Bullish Sentiment. (Forming Divergence... ON WEEKLY!)
4) We do not have a completion of a Corrective Pattern for Upside, so even if the overall movement is UP, we still need one more leg down before we can continue into a Bullish Trend.
To catch this drop, look for sell setups on the D1 - H1 from the current highs and hold at least until a retest of the bottom of the Channel/ Bear Flag.
Use proper Stops and Risk Management!
Good Luck and remember...
"Trade, Don't Gamble!"
Comment:
That was a big trade. Congrats to all who followed.