We are trading 4th leg of the predicted shark pattern. We are looking for price action to break the yellow trend line which will take us to out targets on the 1st and 2nd green zones, which will complete the pattern as well. NASDAQ:GBP
GBP SHORT - Weak pound due to BREXIT - More upcoming uncertainty with the brexit date on the 29th - Trade war in the US creating uncertainty on global demand hurting UK exports (excluding financial sector) - Trade surplus likely to increase during the fall in demand - Possible upcoming Austerity in the UK This is my view of the GBP in the current market state,...
See trade configuration on chart for deeper analysis
See chart for details of trade configuration Low Risk, High Reward...
GBPUSD is on the top of his wide flat. He make 1 impulse. Make 3 correction movements with 3 update of correction peaks. And it ready to go lower. First target is second wave - 1.3008. Next targer is 1.27. So SHORT it RIGHT NOW!
The price is making a very sharp move towards last years resistance forming a " Rising Wedge ". My prediction is it will test the resistance before falling down. Take profit at the first level where the wedge trend line is formed. This is valid in all the hourly time frames, might be a long term short position.
Possible Head and Shoulder forming, Plus, we have a strong daily Resistance at this level
If we break and close under the flag pattern we can expect price to move towards the target zone.
A potential short trade is busy setting up for this coming week starting on 12 November 2018. FUNDAMENTAL Fundamentals will probably support a weaker GBP. Economic red news releases include GBP: cpi, retail sales and inflation reporting. Should all of or most of these news items be negative for the GBP, a definite GBP weakness will be experienced. Note: no...
If we zoom out on the weekly chart, we can see that these orange levels are highly reactive whenever the price comes near them. Zoomed in, it's clear that once we've broken past all three of them, we came back, retested the lowest one a bunch of times, broke through, retested the middle one just once before getting rejected back to below the lowest one again....
GU should go for retest from here ---RR is great hence shorted
Wait for a break and close below the triangle to enter shorts.
Wait for a break and close below the neckline to enter. FREE Telegram Channel: t.me
Fundamental Analysis:- The USD is still the stronger of the two currencies with the FED looking at continuing their gradual rate raises over the near term. Even raising rates a little more than expected to stop Inflation jumping over their target. On the GBP side of the currency pair; Teressa May comes under pressure to resign as 40 of her MP's announce a vote of...