Markets are about to open and I am about to present my final piece of analysis for the weekend,
Here we have GBP/USD , as we can see there is a strong which has held for over a 16 months, with this in mind I think that we could see a short position play out and a move to the downside could come in the next day or so.
My reasoning behind this is the price is now up and has rejected the upper of the , we are also starting to form a nice flag/ which will provide us with the information behind where price wants to move, we now just need to wait for this confirmation to play out and then we can place the trade!
As an additional piece of confirmation the is also indicating it is extremely overbought.
Hope you all enjoyed this analysis! If so a like is greatly appreciated and any feedback would be incredible!
I (UltraFX) am not providing any signals or any financial information, I am merely providing my thoughts. Any user using this information uses it at their own risk.