GBPUSD has reached a strong resistance level of 1.2985 and has now started a downward correction.
I predict a fall to the support zone where there are two support lines and the support level of 1.2777, but first price need to break a small support line
A potential unified gartley is setting up.
Pattern details and a trade plan:
Swing identificaiton: prex(6)
B-point: 0. 5-0 .6XA
C-point: 0.3-0 .4AB
Entry(limit order): 0.8XA
Stoploss(stop order): 0.9XA
Target(limit order): 2 to 1 RR
First bar in history: 1999.01.04 07/00/00
Total patterns found: 20
Number of winners: 11
Hello Traders ,
Price has broken above long term descending trendline and currently moving higher on brexit optimism... however we may see price moving lower to test trendline before moving higher...
we have bearish view on GBPUSD till daily candle doesnot convincingly breaks above 1.30 level and retests it...
H4 We don't have any bearish divergence therefore I'm looking for a correction before we get the higher high. What the corrective structure down will look like is anyone's guess at this stage.
Look for shorts on the lower timeframes 1st targeting the 38.2fib. It's important to note theres no confirmation wave Y is over at this stage.
Trading corrections can be...
We play with Smartmoney concepts, that means that we focus mostly on price action to determine what will happen in future.
As we all know, price is moved by BIG players: Banks, Institutional traders, HFT bots (we call them all of them SmartMoney).
They can't play as we do, cause of a HUGE lot sizes, so cause of that they need to SELL to BUY and BUY...
GBPUSD daily trend is long and almost kissing the target of 1.30
This price area is of interest for profit management & retracement ideas.
Sterling has no real reason for weakness & could push through to 1.35 in the longer term on Brexit deals.
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Strong Bullish Signal:
The price demonstrated an abrupt growth supported by the huge volume, which is a good indicator of a continuation of the uptrend. Moreover, the large positive delta means that buyers are prevailing the market now.
We need to allocated an important level of resistance 1.2940, which stopped the further growth. However, the price...
Even a human being need to die before they have to reach in heaven. This is just a currency pair all those pumping news from UK and European has to somehow seem to lose steam for now while the pair seems to be getting exhausted for now to carry on further upward. Even if it's a bullish market in perspective of long term some pullback in intraday is enough to book...
GBPUSD bounced off 1.2806 where it could potentially rise further to 1.3046.
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Yesterday Brexit turned a corner. The Prime Minister got the European Union to renegotiate the Withdrawal Agreement that the EU said to would never renegotiate. The British pound, as we expected, hit a fresh five-month high above 1.30. But after that, many buyers decided to take profits, resulting in a rebound of the pound more than 150 points down. The reason for...
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