GBPUSD: The Pound is facing downside pressure
The Pound has been supported, while tracing a triangle, which is characterized by the lack of a clear trend direction.
Rgmov has been in a downtrend, suggesting that every overbought rally was a short, which has been the case.
Currently, price is breaking below the weekly mode, which is 11 weeks long, and soon to be 12 after this week's close (unless we expand the weekly range down).
I think it's highly likely to see a sharp move to the downside now that the support has been broken and that the inside trendlines forming the triangle have receded too. If we expand the daily range, we could take a tighter stop short, for the time being I'm in with a 3 ATR stop loss, and will be looking to add as we get further confirmation of trend continuation.
Good luck if taking this trade.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
Rgmov has been in a downtrend, suggesting that every overbought rally was a short, which has been the case.
Currently, price is breaking below the weekly mode, which is 11 weeks long, and soon to be 12 after this week's close (unless we expand the weekly range down).
I think it's highly likely to see a sharp move to the downside now that the support has been broken and that the inside trendlines forming the triangle have receded too. If we expand the daily range, we could take a tighter stop short, for the time being I'm in with a 3 ATR stop loss, and will be looking to add as we get further confirmation of trend continuation.
Good luck if taking this trade.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
Comment:
A close under yesterday's low would be a nice victory by the bears, let's see how it goes.
Trade closed manually:
Seems like it won't budget yet, better stand aside.
Order cancelled:
With GBPUSD back above the mode shorts become invalid. It seems it'll rally together with oil for a while longer.
