Please see above our analysis on Gbp/Usd.
This pair is showing some interesting price action.
We have just dipped below some crucial structure but immediately broke back above and then started consolidating.
Price action does suggest an impulse and corrective move has just completed in the formation of a flag pattern which would normally signal to us a continuation to the downside. However with the now broken dynamic support and the strong support zone are hovering around we ware looking for a long position to conclude the bigger impulse & correction before looking for the next impulsive wave.
This trade can be taken either risk on or with a safer entry with confirmation of new structure.
As always let me know in the comments your thoughts on this pair. All feedback is greatly appreciated.
The Fx Chartist
This pair is showing some interesting price action.
We have just dipped below some crucial structure but immediately broke back above and then started consolidating.
Price action does suggest an impulse and corrective move has just completed in the formation of a flag pattern which would normally signal to us a continuation to the downside. However with the now broken dynamic support and the strong support zone are hovering around we ware looking for a long position to conclude the bigger impulse & correction before looking for the next impulsive wave.
This trade can be taken either risk on or with a safer entry with confirmation of new structure.
As always let me know in the comments your thoughts on this pair. All feedback is greatly appreciated.
The Fx Chartist
Trade closed: stop reached:
Same as the AudUsd position posted.
Too much USD strength
Too much USD strength