The price has gracefully descended from 1.27700 to 1.25200, and retraced to the 0.5 Fib level, thereby presenting a potential profit avenue.
Here's the plan: SELL GBPUSD
Consider entering the trade with caution as the stop loss should be strategically placed above 1.26750. The take profit level is set at 1.24650, aiming to capture gains during this downward movement.
Similar to my AUDUSD idea, I have technical reasons to believe that GBPUSD is about to make a swift move downward.
Short term bear trend here has been obscured by absorbent buying on each attempt to flush out longs.
1:6 R:R
On Weekly timeframe you will see a just recently posted bearish engulfing candle.
On Monthly timeframe you will see a just recently...
We have to consider with Brexit and all, the Queen just isn’t dancing to the same tune anymore. News and rumors of news on developments or political maneuvers just seemingly moves the Queen around the dance floor with swooping and then spinning around that would make any 90-year-old-or something lightheaded... it time for that break in dancing like it’s 1999....
