eraxular
Long

GBPUSD Bullish outbreak?!?!

FX:GBPUSD   British Pound / U.S. Dollar
Here on the GBPUSD , we can see that price is currently in a descending channel however. I believe price is showing signs of a bullish reversal. price is starting to form a descending wedge pattern and also a gradual loss of volume (consolidation/contraction). In this week commencing, i am looking to see a break above prices previous swing Hi (@1.31800) followed by that level acting as support.
I am looking to close the position at prices previous level of resistance which has pushed the market around multiple times (@1.32648).
Thanks
Comment: As we can see, GBPUSD has carried on a bearish push, this may be due to speculations with Brexit and also the fear of COVID-19, i ended up not executing a trade here as the set up i was looking for was not present at all.

Comments

the pound is getting weaker with the Brexit talks going on i would say pound is in for a bumpy ride for the foreseeable future and with the dollar gaining strength as well (look at the dollar index)
+3 Reply
Many people thought about going long, but forget to look at HIGHER TIME FRAMES, look back and wait for confirmation, don't go imagining things you don't see
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most certainly a pull back is due to give sellers a break. I think a break above 1.3000 and then a continued move down. if we see get further news on Brexit looking bad and a sell off in risk assets then there's no reason for cable to start looking sub 1.20 let alone thinking about taking longs
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as mentioned in other comments there are no fundametals reason to buy it yet. you may get few pullback but now with brexit and UK vaccine failing its gonna be sell
Reply
eraxular Luck6k
@Luck6k 100% I agree with you, I was looking for a technical point and ended up not taking any trades due to a massive drop yesterday and by the sounds of it covid is only going to get worse so it’s going to be a bumpy ride! Thank you for your feedback 👍🏽
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