I hold Sell position on GBP/USD because the price broke down Upward line.
About it, I recorded a whole idea.
I think the price can move down to 3,5 months low 1.2662 because there is a lot of pressure on the British pound because of Brexit.
Near 1.2662 will be the best place to open buy with potential profit in 5–10 times bigger than risk.
After 100 like, I ...
Open Sell Near 1.2800
- Powerful daily level
- Daily trend is bearish
- Low risk
- Potential move to 3 months low 1.2621
after 75 like, I will write, when is the best to open a position with (Stop loss and Take profit points)
Price seems to have respected the downtrend channel by forming a bearish engulfing candle illustrated in orange.
Price could make yet another long drop toward the support trendline of the channel.
Best of luck!
This is my analysis on GU for the short term. I like the H1 & H4 as it gives a short term view into how this pair will respond. Overall, the trend is still down on H4 timeframe while the D1 continues to chop sideways as many traders are at a crossroads to know what to do. However, this may or may not be an accumulation period for bigger buyers. Feel free to ...
Trading plan for next week
I look to open Sell entry because of GBP/USD is under Brexit presser.
Also, the price on daily chart closed under key levels 1.2839 and 1.2829.
H4 picture, we see that price made a fake broke of level from which it bounced several times.
I will open sell on next week near 1.2829
S/L will be at 1.2859
Goals are 1.2710 and 1.2680
GU wicks have been crazy, but we cannot ignore the fact that it has failed to close the 4 hour candles above key daily level, that keeps my interest peaked for a short, now that brexit hype is over and DXY is hovering around support.
Targets are clearly marked, entry for a short at key daily level marked in red and stop loss is flexible for me. I would like to ...