GBPUSD just had its retracement to 0.5 level
and now it's on it's consolidation phase.
I believe that the pair is going to touch the trend line
before it decide make it's move towards downtrend.
also follow the news since the PM of UK has just announced
to resign on june 7th.
Right now the pair is below the Weakly Support point
Overall the trend is in downtrend but it is on a consolidation
fase. The pair might retrace around 0.5 to 0.6 fib point
Before it decide it's new trend.
I will go long around 72.400
I will go for a short position if it cross
>>Take profit point if it goes long is around 0.5 to 0.6 fib point
>>waiting for a setup to go long on this pair around the blue box.
>>Looking for a candlestick pattern before buying into this pair
>>1d timeframe shows an ascending triangle forming
>>4hr timeframe also shows the same.
Now it looks like the pair is going to retrace around 0.5 to 0.618 fib point until it decide to
form it's new trend.
The pair is trending in a down trend in daily timeframe.
I'm looking for a retracement around blue box area
where my profit collection is around 1.29485.
bit above 0.5 fib retracement ponit to be safe, where as previous retracement touched 6.18 fib point.
My Stoploss will be around 1.26238