FX:GBPAUD This morning this pair is giving us a short idea, but I would be patient, I expect a bounce from this level but I want price action to tell me more clearly that the price is actually tired and wants to keep falling.
We are in my fav level 50-61,8% Fibonacci, pin candle is about to form (let's wait) and we approached a resistance level, let's see what...
Two chart patterns are in play right now for FX_IDC:GBPEUR on a long term scale. First of all, GBPEUR is breaking out from triangle, with target at around 0.98. And further there is an option that GBPEUR is forming head &shoulders pattern. H&S would be confirmed, if currency pair breaks neckline around 1, then pound may drop as far as to 0.75-0.80 region.
GBPUSD fell into complex corrective pattern. This week Pound find support @ 1.2655 level and could not brake the previous week high. I am looking wave C of B downside upto the support level of 1.2605.
I zoomed in on to the 15 min chart and I can for sure see what I think is a possible selling opportunity. It might now trend down for long but you can for sure catch a few pips off this move.
I would enter now and set a stop a few pips above the resistance. In that case if the trend is directly up from here you won't risk very much capital.
Over the next couple of weeks, I would think that this pair will be highly driven by Brexit.
It potentially could turn in any direction but in the rewards for the shorting the pair down to 1.18 is strong. If things turn confluence at the lower time frames should be monitored allowing with price action. However, this would need to close above the daily...