Trade_Journal

GBPUSD - Is it time to FADE?

FX:GBPUSD   British Pound / U.S. Dollar
WEDNESDAY - Half way through the week!

GBPUSD - I like the long side for GBPUSD for months. It's a great trade that has had great momentum, I stuck to my trade plan, being disciplined is key and built long positions along the way - I am now scaling out of my positions!

On my FX weekly I posted out to various groups I am part of - It's FREE to subscribe. It's explaining the FX majors for the week ahead, if you're interested - Message privately.

I stated GBP above 1.37 you'll get 1.38 coming into play as well as perhaps 1. 40 areas...However, for those who have been trying to fade GBP for while, You may just get your chance...Let me explain further!

Technical Aspects:
Pattern: Channel - At resistance
Fib Retracement - Fade Area
Support: 1.37830, 1.37580, 1.37370
Resistance: 1.38250, 1.38550, 1.38600, 1.38860

Fundamental events:
1. US CPI
2. BOE Gov Bailey Speaks
3. Fed Chair Powell Speak

How could you play this trade:
- Following your own trade plan to add further confluence
- You could wait for candle formation, candle close, bearish pattern or perhaps an indicator that is on your trade plan
- Add orders at certain resistance zone areas

Have a great day ahead,

Trade Journal
(Disclaimer: Just a trade idea, not a recommendation)
Trade active
Comment: Updated short term view:
Trade active: 70% Partial profits taken, letting the rest run.
Trade closed: target reached: Woke up to green screen! Great way to end the week - Today Perhaps I can get some scalps on the cable.
Trade active: Scalp short
Trade closed: target reached

Comments

Thank you
+1 Reply
@Phaka, It's my pleasure - Have a great day ahead.
Reply
Thank you
+1 Reply
Trade_Journal Claudia31ktos
@Claudia31ktos, It's my pleasure - Have a great day ahead.
Reply
Hi,
Monday how far will GBPUSD drop please
Reply
Trade_Journal vivek_vf14
@vivek_vf14, Unfortunately I can't predict the open for specific days 🔮. However, we are currently within the range of: 1.37810 - 1.38650.
Reply
Thank you, how far will it drop?
Reply
@Phaka, Perhaps 1.37725 areas if it breaks below 1.37850 area.
Reply
Phaka Trade_Journal
@Trade_Journal, thank you
+1 Reply
is there any line remaining in the world
Reply