GbpUsd - H4 - After fomc I saw dollar index creating new demand which I anticipated to be retested next week. I see all major currencies creating new supply zones for us to sell from. This pair is also trading below a weekly resistance and for next week I see a good pending sell setup to sell this pair down to 1.28 and possibly down to 1.25 in the coming weeks.
gbpusd setting up hidden bearish divergence and forming lower high / lower lows on the daily chart indicates further downside movement ahead. on a 4hour chart can provide a smaller risk vs reward than waiting for a daily reversal to appear.
Plan A ) Sell limit the potential lower high "top" with a stop loss slighty above the previous swing high or the...
Expecting a turn around because we have reached a major support and the pair is oversold in 1 and 4hrs including daily.
IF we manage to break 1.26, we might got as low as 1.24 and turn there, it all depends on much steam DXY has.
DXY has also hit a major resistance and its overbought in my time frames.
I could see this pair is going to retrace to the blue box to find more buyers before flying up, you can Short it first and Long in the blue box area but I prefer to wait to Long this pair. As mentioned earlier, something good might happen to Cable but I am not sure what it is. It is just my prediction based on the chart.
What is next? That was the last question i asked,
now we sort of have an idea. it has now broken the
yellow line. i am now expecting this to go lower to
the next yellow line
once this hits, i am expecting a rapid reversal for the
bulls
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Butterfly formation can be real. All destinations are specified on the chart. Do not neglect to do risk analysis.Feel free to comment and comment on your questions. Good luck to all of us.
There is a possibility for one more bullish wave before we see a big drop on this pair if so then watch lower time frame for a short-term buy.
Don't forget to use %2 Risk Management
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight into my trading techniques,
you should do your own due diligence and not take...
we've been following GBPUSD for a while
now and have made some profit but
the questions remains... what is next?
1. am expecting to test the previous low and
then to reverse up maybe creating a sort of flat
2. breaking the previous low to around 1.28081.
3. we could even see it test the bottom at 1.26672
4. Stoch RSI is also now in the oversold territory...
GBP/USD – 2H Chart
• Possible bullish pattern, with a probability of a Zig-Zag in Minuette (ii) (black), which could lead towards a bullish impulse in Minuette (iii) (black).
It is likely that the destiny of pound in the short term will be determined on this week. Referring to the EU-UK summit, where, is expected to sign the Brexit Agreement maybe.
We won’t even go into details of the issue, will concentrate on our trading idea and explanations why it supposed to work instead.
One of the critical issues of Britain’s exit from EU is...
