Similar to my AUDUSD idea, I have technical reasons to believe that GBPUSD is about to make a swift move downward.
Short term bear trend here has been obscured by absorbent buying on each attempt to flush out longs.
1:6 R:R
On Weekly timeframe you will see a just recently posted bearish engulfing candle.
On Monthly timeframe you will see a just recently posted hanging man candle.
USD continues to push up with the rest of the market and until trend suggests otherwise, I expect that to continue.
Thoughts?
Trade your own plan, this is just an idea.
Short term bear trend here has been obscured by absorbent buying on each attempt to flush out longs.
1:6 R:R
On Weekly timeframe you will see a just recently posted bearish engulfing candle.
On Monthly timeframe you will see a just recently posted hanging man candle.
USD continues to push up with the rest of the market and until trend suggests otherwise, I expect that to continue.
Thoughts?
Trade your own plan, this is just an idea.
Note
Below is a view of the Weekly bearish engulfing. Note
Note the relentless puncture of the MA in the previously posted Weekly image. Below is a view of the Monthly hanging man.
Note
Off to a rough start on this trade idea, let's take a look at a larger timeframe though. Below is the 4-Hr chart, where we can see that even though it broke up and out from the 1-Hr range, there is still some approaching larger level resistance just above. Another short opportunity with the same 1:6 R:R
Will be looking for rejection at the trend line and then will attempt a new short from there.
Order cancelled
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.