GBPUSD shaped the bearish wolfewave which appears to be a good opportunity for sell entry with high profit/loss risk ratio even at conservative TP1. RSI divergence and rising volume at point 5 are confirming the peak formation. Opened 4 shorts at 1.305x/6x with SL 1.3141 and TP1 at 2-4 line crossing / TP2 at 1.2643Tomorrow will be an interesting day as GB* CPI/PPI data along with BOE governor's speech can add momentum to the pair.
Trade active
After forming double top, the Pound started its (pretty choppy) descend. 4 positions were closed with good profit on the way with only 2 remaining at the present moment. Currently the wave keeps moving South and is preparing to test line 2-4. It is possible that after its breakthrough, the price will form another minor bearish setup allowing to add more short positions.Trade active
Similar to AUDJPY, this pair is also shaping another bearish minor WW inside the major pattern which can provide a good sell entry point.Trade closed manually
Positions were closed during the retest of point 5 of major pattern as yellow wave didn't work out.
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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.