CoinCaller

GBPUSD SHORT IDEA

Short
FX:GBPUSD   British Pound / U.S. Dollar
GOOD EVENING TRADERS. HERE IS MY TAKE ON GBPUSD. ITS CLEAR TO SEE HERE WE HAVE A TRIPLE TOP THAT HAS FORMED ON THE DAILY CHART AND FROM A TECHNICAL STANDPOINT EVERYTHING IS POINTING TO A SHORT BEING MORE LIKELY. I WOULD LIKE/EXPECT TO SEE THIS PAIR COMING DOWN TO THE BLUE EMA LINE (20 EMA DYNAMIC SUPPORT) COMING BACK UP TO RE TEST THE MOST RECENT SUPPORT WE HAVE JUST BROKEN AND THEN MAKING A FURTHER IMPULSIVE MOVE TO THE DOWNSIDE. I HAVE RELAYED TWO TARGETS MARKED ON THE CHART BOTH WITH GREAT RR'S. IN ORDER TO VALIDATE THIS SETUP I WILL BE LOOKING FOR STRONG REVERSAL PRICE ACTION CANDLES ON THE 4HR/1D TIMEFRAMES I.E. PIN BARS, INSIDE BARS, LONG WICKS ETC. MY ONLY CONCERN IS FROM A FUNDAMENTAL STANDPOINT THE POUND HAS BEEN SHAKY/CONSOLIDATING THE PAST FEW WEEKS AFTER THE BULLISH RALLY DUE TO THE BREXIT DEAL ANNOUNCEMENT, I WOULD IMAGINE SOME BIG PLAYERS COULD STILL BE LOOKING TO GO LONG WHEN THE PRICE DIPS A LITTLE FURTHER/ALREADY HOLDING BIG POSITIONS. BE CAREFUL AND TRADE SAFE.
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