GBPTRY is a great trade as always, even better when traded with 0.0 pips spread and NO swap fees.
On topic - looks like an inverted head and shoulders pattern on this time frame and may rise up quite nicely today, tomorrow, toy Yoda.
Or it would fall under the descending triangle pattern and slide back to where it came from.
Let's have a look-see.
This is just...
I think at some point in the future the Lira may set up the Mother of all carry trades (Positive swap + correct direction) - but we're down so super hard in the XTRY pairs I think this is a great buying spot. For at the very least a mean reversion move. If we can break over the 76 retracement we might see an epic blitz up move in the XTRY pairs - before, finally,...
GBPTRY completed its downward movement inside the descending channel since June 2021 and is now bouncing back.
50 SMA is about to cross upwards 200 SMA, which will be the confirmation for further upward move.
The price is rejected by support 11.7160 and Bollinger band suggests buying from here. The final target is 12.0000
GBPTRY on the 4h chart after the recent impulse retraced at the 0.5 Fibonacci level.
The market starts to consolidate ove a minor support and according to Plancton's strategy if the price will break above we will set a nice long order
Follow the Shrimp 🦐
Keep in mind.
• 🟣 Purple structure -> Monthly structure.
• 🔴 Red structure -> Weekly structure.
• 🔵 Blue...
Why? Bb bands says double top. As the second top failed to reach the upper hand showing less volatility than the first leg. It’s a long drop . Let’s see how far it goes those. WHY? TBH THIS pair is the most abused currency lol 😂 It’s like BTCUSD every one wants to long it 🤫 but let’s see how many sl we can hit 😃