Thank a lot. Hoping you win.
GBP / USD fell on the Ichimoku cloud. There is a chance that the cloud will break up. Stochastic and RSI are already resold. Ichimoku shows a trend up. Although the fall of GBP / USD to the cloud can no longer be called a trend. But there is still no downward trend, which means GBP / USD can turn around from oversold oscillators.
The GBPUSD seems to the pressured to the downside and it could fall to the 1.2200 level, but in case of a pullback above the 55 day EMA, the pair may retrace to the 1.2400 zone.
No matter how good the technical analysis is, news can mess it all up. Specially, recently. Even when the almost all the news forecasts said USD would fall it went the other way. More than 170 pips on Gold spot (XAUUSD). A friend of mine busted his account with the lot size he had put in.
Even if the pound goes crazy, market structure is key when it comes to analyze whats going on. Repeat with us: Consolidation under a key level, expansion away from that level, return to test that level, expansion away from that key level.
Consolidates, extends, retest, extends…
on all timeframes
Since BREXIT trading GBP became a bit too risky
That is the core idea
If you are not professional enough, better swith to other currency
Did anyone else spot a descending triangle on the GBPUSD h4/daily chart? See here.
The descending triangle was broken while the pair made a bullish rally. It has, however, returned to retest the upper limit of what was the descending triangle following the traditional price action moves. My opinion is that it could retest the 1.3200 area. See chart here.
What do you gutys think of my short idea for GBP/USD? The stochastic is showing bearish divergence and the price has recently broken out and retested a trendline. Let me know what you all think. I’m a fairly novice trader so I value any feedback.
The GBPUSD is trying to break below the 1.3000 level and it could fall to the 1.2900 level where it could find a good support.
yes, GBPUSD broke below the 1.3000 level and took support in the area you have mentioned, I just want to add here that this week it is on the verge of closing a bearish engulfing after the break and retest of the broken trendline. Since it is forming a descending triangle pattern on the weekly chart, now I see that 1.1958 levels are exposed.
The GBPUSD could find a support around the 200 day EMA at the 1.2864 level, but in case of a bearish breakdown, the pair could visit the 1.2800 level.