GBPUSD Bullish Flag + falling Wedge formation, Long setup
Due to weakness in the greenback, cable have broken through the 0.382 Fib ratio resistance and is currently testing the channel resistance and 0.5 Fib ratio. I am expecting a pullback to the 0.382 ratio before it continues its bullish momentum.
Although a fake breakout remains a strong possibility, as demonstrated in cable's previous failed attempt to breakthrough the 0.786 Fib ratio / channel resistance, I remain biased towards the upside. This is supported by the bullish flag + falling wedge formation on the 4hr chart, despite the recurrence of negative Brexit & UK economic sentiments.
Trade: Buy-limit at 1.28620 (0.38 Fib), T/P at 1.29607 (0.786 Fib), S/L at 1.28124.
Although a fake breakout remains a strong possibility, as demonstrated in cable's previous failed attempt to breakthrough the 0.786 Fib ratio / channel resistance, I remain biased towards the upside. This is supported by the bullish flag + falling wedge formation on the 4hr chart, despite the recurrence of negative Brexit & UK economic sentiments.
Trade: Buy-limit at 1.28620 (0.38 Fib), T/P at 1.29607 (0.786 Fib), S/L at 1.28124.
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