1) BREXIT is still in place & we don't have any improvement in Brexit Polls
2) Brexit weights on all the other macroeconomic indicators of UK economy. The latest Current Account data widdening beyond expectations.
3) Dollar has shown its potential weakness and we should bounce from this lows.
We will keep selling Pound with first target 1.4250 and second 1,4150....
Now that the GBP/USD has set fresh new lows we had to look at the bigger picture for a hint of the direction. We can see that the price has bounced off a key support zone, therefore, we are going long with the scope of it hitting our resistance. See www.plusfxtrading.com for in depth analysis.
With a break of a trend developed since last month, GBPUSD seems like it will continue its downtrend toward lower lows. Currently the pair is sitting at a crucial 61.8% retracement level and has an oversold RSI. I expect the pair retrace back up towards 1.43732 first before heading lower towards 1.42200.
The GBPUSD is raining potential Gartley Patterns. While most trend following traders find consolidating markets frustrating, advanced pattern traders are in heaven. I'm curious to see how this market is going to play out.
So ....
1.we have a strong trend line acting as RES
2.we had a fake break out
3. price has dropeed after the retest of trendline
4.bearish engulfing on previous 4hr candle
5.daily candle is a bearish hammer
A nice short setup has taken shape here as GBP is again having trouble with the upper diagonal trend line. Potential target could be somewhere in the lower 1.52 range or even slightly below 1.50 to continue forming what looks to be a falling wedge-like pattern.
PRICE JUST BOUNCED AND STILL IN THE CORRECTIVE ESTRUCTURE.
I AM EXPECTING A ONE MORE MOVE INTO THE ESTRUCTURE TO MAKE A RUPTURE AND GO UP.
WE NEED TO SEE A CLEAR RUPTURE OF THE ESTRUCTURE BEFORE GOING LONG.
LIKE IF YOU ARE AGREE, IS REALLY IMPORTANT TO ME YOUR FEEDBACK.
THANK YOU
Simple analysis. Please leave a comment or thumbs up if you agree. Discussion encouraged even if you hate the idea !
We bought the dip after AUD data.
Technicals on the chart.
Fundamentals for tradesetup:
Nothing has changed for AUD. Rate cut still on the table. GBP data is improving. Clearly BOE is becoming less dovish.
RBA still wants AUD down and they...
