Rayyan_2805
Long

Possible Long for GBPUSD : Will enter start of next week

FX:GBPUSD   British Pound / U.S. Dollar
Possible Long position for GBPUSD . Price has stayed above both 200 and 50 EMA for the past 2 weeks, thus indicating a long bias. I have scaled down to the 4 hour time frame so it is clearer to see the icons and patterns. As you can see from where the pointer is pointing at to the first touch of the trend line , the next touch of the trend line is 30 days apart and the next after that is 13 days apart. As you can see there is also a rising wedge occurring and put together with the shortening of days from where the trend line is being tested, we can expect a break of the upper trend line and my first target will be 1.34750. Keep an eye out for updates as I will be following this pair closely. FX:GBPUSD
Comment: I want to change my prediction based on my rising wedge strategy, I'm thinking the price may go down again to follow the trend channel and carry on creating the rest of the rising wedge and once it reaches a small consolidation towards the end of the wedge, price may break channel and go downwards. I am also seeing a complex inverted head and shoulders pattern occurring which could indicate the the price at the moment will go downwards and follow the pattern. I'm predicting this all should take no longer than 2 weeks based on the fact that the previous touch of the trendline within the rising wedge was 13 days apart from the previous test.
Comment: **ALMOST GOT THIS WRONG THANKFULLY I CHANGED MY STRATEGY FOR THIS ONE AND WELL IN PROFIT AGAIN**

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