GBP broke out of the first falling wedge (blue) heading for the bigger falling wedge. Target of a falling wedge is 100% retracement of the wedge. So breakout of the yellow trendline sets this up for a moonshot. I have euro and chf as counterpairs.
I am not one to study the news and we all know that Brexit is a mess. I don't study the Brexit play-by-play because by the time news drops it is usually too late in my opinion. Every trader sees the market different. That is just my outlook. I am a very technical based analyzer.
In my opinion Brexit can create more strength or more weakness and uncertainty like...
as we are purely technical , we only look at what the chart tell us . and in this case we can see that there is a divergence on the weekly chart with the price sitting on a major support area, with rsi oversold.
reasons to look for ling on the pound ( position trading as this analysis is based on the weekly chart)
1- divergence
2- strong support
OK after Wednesdays FED meeting the Dollar found some strength and now looks like it might break out of the 7 week corrective structure (triangle?) Today we get non farms payroll employment figures so we'll see how that effects the dollars progress.
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This is not investment advice but rather for...
