VasilyPonomarev
Short

GBPUSD: Slowing Bullish Momentum & Bearish Wave

FX:GBPUSD   British Pound / U.S. Dollar

hey traders,

after a massive buying reaction last week we see that  GBPUSD  is slowing down.
rising wedge  formation is a very good indicator of weakening momentum.
More the market contracts within the pattern, higher the chances that it will break to the downside.

I am waiting for a  bearish  breakout of the  wedge  to short the pair.

Market most likely will set a lower high before the breakout.

Target levels are
1.265
1.255

Stop above the highest point of the  wedge
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Brexit bulls$@!£ will dominate this pair over the next 2 weeks. Be careful of overbought conditions and misleading news around positive deal for UK. Look to sell anywhere between 1.284 - 1.305. TP 1.275 or if youre feeling risky TP around 1.24550. Good luck, let the games begin.
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