a time to ride the pair. a break below the wedge invalidates he trade set-up
GBPUSD has been in a decline for a while now Boris Johnson elected as PM - more confidence in shadow of Brexit dilemma US Fed rate cut expected - Dollar expected to weaken RSI divergence Falling wedge identified
CONSOLIDATING DOWN WE GO. FIRST TP SHOULD HIT SOON WELL SEE IF WE CAN MAKE A HOMERUN!
GBPUSD pair trade near major price rejection zone but oversold momentum indicator still suggest price can trade in this range. resistance zone 1.2800-1.2850 price needs to trade above 1.2700.
Trade when it breaks the bullish pennant! Short term GOAL: 1.28705 Short term Wave GOAL: 1.31600 Fundamental: Brexit pression!
I sold GBPAUD. The trendline is really strong and I don't think it'll pass it. On the 4-hour chart, RSI touched the oversold level. (70) I'm also short on other GBP pairs except for GBPCHF but as I said, I might not trade it. We'll see! Trade safely.
If it breaks the trendline, it shouldnt go back down, so potential long with small risk