GBPUSD is in downtrend now. And I guess it will continue this way. If the support line 1.31519 breaks, the we may see more drop to the price. I assume it will reach 1.26790. What's your thought on this pair?
yes still bullish, how do you say downtrend when your trend line clearly so upwards??
jamessimpson09
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I believe were at the last stage of a Wyckoff as you can see on my page. This is the build up before an up move to grab equal highs. Also the UK has just signed a 640 billion pound deal before leaving the eu. The dollar is only getting weaker so my opinion is the market to move 1400 pips up on the daily time frame. Could be wrong as only been trading since March but just my thought process.
sofi_Morphy
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@jamessimpson09, Thanks for engaging and sharing your opinion with me. I'm new to trading too. ;)
jamessimpson09
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@sofi_Morphy, No problem it's all about learning of each other and growing as a trader.
Sorry, I am failing to see how is this a down trend? It's at best ranging, nowhere near a downtrend. Pretty good analysis overall, though going against the trend will lose you money.
sofi_Morphy
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@Matl101, Thanks. Need to wait and see how it goes
RossTyler
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I like this idea, could see another push to the upside before bearish movement in the new year