GBPUSD has an interesting chart here, with very clear resistance levels and a stop loss level for short trades. We will be looking to short the top of the current uptrend, to rejoin the long term decline in the Pound. I think the uptrend is doomed from the get go, being a pullback in a downtrend, so, I will look to fade the rally when safe.
The chart shows a potential signal that could take price to the vicinity of 1.2830, but, there is a massive supply level at 1.2767 that could make the uptrend fail. Look for shorts above 1.2767 ideally, you can take a long term position and spread the selling over multiple days, using the stop on chart. If the analysis is correct, we'll get more confirmation for a precise technical short entry soon, for now, wait for updates here, and watch it. Going long isn't reccomended, although this will probably rally while EURUSD retraces.
Cheers,
Ivan Labrie.
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Almost confirming the uptrend signal.
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The Pound's stuck here...I'm watching from the sidelines.
You can start shorting here, and until FOMC. Spread your entries over a few days, to reduce risk.
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Seems like we caught the top. Adding a bit more each day at the close.
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Pairs like GBPAUD are an optimal sell too.
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Acting well.
Giao dịch được đóng thủ công
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Better wait to reenter, exit now.
Giao dịch đang hoạt động
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I'm reshorting here.
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Doubled the trade at 1.2504 and trailed stops to 1.2541, risk is $0, nada. Avg. entry: 1.2544. Would result in a 3 pip profit if stopped, but I think it'll keep going down.
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Great progress, hold!
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It should hit 1.2160-1.2170 before seeing any reaction.
I agree! I have already started selling GBPJPY and looking at GBPUSD now. Might be next week before it starts moving down. I am going to avg my way into the turn on GBP pairs.
I_see_BTC
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You're right about GBPAUD. Beautiful sell opportunity.
IvanLabrie
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@I_see_BTC, yes, I think it resumes the longer term downtrend now.
Thanks for the comments.
JRFreeze
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@IvanLabrie, which might explain the rally in the Ftse100....