GU Struggled to make a hard reversal last week, but finally started showing the signs. We are seeing it test and retest the resistance zone, but once it breaks down, this trade will move down hard. Whilst I trade trend analysis, Brexit will be a major factor in this pair - watch for fundamental noise and volatility. Any chance to cover positions in profit will...
BREAK+RETEST OF ASCENDING TRENDLINE 61% RETRACEMENT , NOW EXTENSION!
I will open Sell near 1.3129 if there will be fake broke and 1-hour candle will close under that level. Price has a big chance to move down to key buy zone 1.30141 - 1.30xx
I think the price will continue up move to 5-months high 1.33. I have 2 scenarios where I will open entries. 1. Sell near 1.3300 after fake broke. 2. Buy near 1.3000 It is the best 2 places where we can open entries with low risk and reward in 5 or even more times bigger.
Price made a new high breaking out of the trend. we can now see a retest of that trendline before we can take GU long.
I think British pound can make pullback down - Price bounced from key level and round number 1.3000. Market respect such mumbers. I recommend to open a Sell near 1.2990 with low risk.
I see a harmonic bat pattern forming on GU, I'll be watching this trade to see how it plays out. 20 pip risk for 60 pip reward. Also a strong trend line on the daily chart has been holding so to me this is a high probability trade. Will likely take a couple of positions to shoot for lower targets.
I think British Pound will move down because price made such huge absorption. It shows that buyers don't have enough power to move price rate up. Also, there is a lot of uncertainty about Brexit and voting. Near 1.2890 will be that best place to open Sell.
GBP/USD, Scalp buy. I think the price will continue today's up movement. Use proper risk management. After 50 like I will do all updates and will write S/L and T/P points it there will be an entry.
Many of you ask me to write what I think about the British pound. It wasn't easy to do it on the chart. That's why I recorded Video idea.
Yes yes. Bull on ol boy. Ideal circumstances to buy wouldn't you say? 1.28696 tp & sell 1.26966 tp & rinse wash repeat Then maybe we roll around with the bears after that. Bottoms up!
The price broke down flag It's a Sell signal. You can open Sell entry near 1.2640- 1.2650 Goal 1.2540
In this video, I recorded my plans and expectations on the British pound.
GU reached our key level around the 1.26 area, I see a bullish move between 1.27-1.28 before new years.