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UmarAbdurRehman

GBPUSD Trend breakout - Possible Short trade

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
UmarAbdurRehman Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns GBPUSD gbpusdshort gbpusdanalysis gbpusdsignal gbpusdtrade USD jpy
11
4
trendanalysis chartpattern gbpusd gbpusdshort gbpusdanalysis gbpusdsignal gbpusdtrade usd jpy
GBPUSD fell quite sharply since the feds interest rates release that hinted further rates hikes in future, DXY soared on this news which ultimately pushed all the major currencies. GBPUSD left a print on 21 June at 1.3786 area. It retraced afterwards making marginal new highs, I have marked a compressing channel on my chart that broke out just recently on BoE interest rate release, as the market is in a clear downtrend and momentum is still there so I am expecting the market to re-test 21 June lows around 1.3790 area.

Manage your risk.
Trade Safe!
Good Luck.
Comment:
snapshot
Trade started working.
Trade closed: target reached:
snapshot
closed the trade at 1.3801 since target is almost hit.
Trade closed: target reached:
snapshot
1.3790 hit ✅

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