Short at the top of the channel, if price makes a lower low we can see price move at least down for a retracement move towards fib 0.5 level. I took a more conservative TP which is still good 1:2RR
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With large amount of insecurity and uncertainty surrounding GBPUSD, my bearish sentiment on GBPUSD is at 99.9%. With that being said I expect 1.41036 to break, retest then make its way to 1.39426 as its next target.
-We are now down trending on the 4 hour chart
-We always want to trade in the direction of the trend
-We are making lower lows and lower highs
-We are trading below key level at 1.4000 Which we broke with a strong downside move
-If we put a Fib in from previous Lower high to the new Lower low price is reacting to the 0.618 Level
-Sign of retrace...
Still currently in a long position since $260 and waiting for signs of a reversal. We could either fade out here or go parabolic into the $300s. Considering the news catalyst, I think we will probably go parabolic sooner rather than later and meet resistance around the same place as last time, where I will start looking for shorts. If the trend stays healthy...
We're sitting atop the local higher low here. As soon as we establish a lower low, the targets below are where I would expect it to reach. There is strong support around $200, so if it is going to turn around, I would expect it to turn around there.
Overall, I'm still pretty bullish, but we can't know for sure until we reach one of these targets and see what...