GBP/USD is trading below the 50, 100, and 200 Simple Moving Averages on the four-hour chart and Momentum remains to the downside. Moreover, the Relative Strength Index recaptured the 30 levels, exiting oversold conditions. The graphs show a clear bias to the downside
Initial support awaits at 1.2865, the fresh two-month low. Further down, 1.2830 was a support line...
Cable at 1.32 range, a move is imminent.
One thing worth mentioning is that the current price range is cleary rejecting to get inside the previous range
So a short might be a good idea.
Currently waiting for some signal, maybe breakout or rejection at 1.32 might do the job
Do you want a secret to successful trading? Buy against the classic technical analysis. Because a good trend channel is seen downwards with a sharp drop, it can be a trap
I buy 1.28750 . SL 1.28580 TP 1.29700
-Never risk more than 2-3% of your balance on a single trade. And If you are a beginner 1%.
-A Single or few trades result is not important....
Last week we saw price break down and through price level of 1.24251 the next level we want to see a positive reaction is at 1.23656
At this level we want the 4HR and 1HR trend line to break in order to enter in the 15M chart, their is also a daily support level of 1.23570 that will also act as a confluence to trade this.
Will be patient and see what price gives us.
In April 4, 2017,we found a "Crab" bearish pattern on the four hour chart to determine the downward trend signal.
At the same time,the price line is under its moving average(April 3,2017 ), the signal further show that price has formed a new downward trend
A strong support level at 261.8 Fibo level, where it pullback and create reverse flag pattern.
I will hold my current short position minimum at first DP, I will monitor during news. If the impact is big, the price may break first DP and go further down to next DP (Strong Key Level).