Trading the Megaphone on GBPUSD
GBPUSD is trading within a huge megaphone on the weekly charts starting in late 2018.
In June we've taken out the mid-stop range of the megaphone and dropped sharply at that point.
I would be cautious looking for further upside at this point. But look for price to hold above the low of the 3rd wave.
Holding below 1.238 would suggest further downside.
For now, I'm on the sidelines to see what opportunities arise next week.
I would love to hear your thoughts on this megaphone as well.
Follow for updates and happy trading everyone!
In June we've taken out the mid-stop range of the megaphone and dropped sharply at that point.
I would be cautious looking for further upside at this point. But look for price to hold above the low of the 3rd wave.
Holding below 1.238 would suggest further downside.
For now, I'm on the sidelines to see what opportunities arise next week.
I would love to hear your thoughts on this megaphone as well.
Follow for updates and happy trading everyone!
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