GBPUSD has been bearish on both the daily and 4h chart. We have seen it setting a series of lower lows and lower highs. As a trend continuation trader you will be looking to short sell this pair but you have to build up on confluence and determine your exact entry and exit points. From my analysis , I was able to detect a potential gartley formation formation on this pair.
1. 15.08.2018 this pair hit a new low at 1.2667 before rallying up.
2. 04.12.2018 we retested this low and went back on a minor bullish trend.
3. Our X to A impulse leg starts off on 04.12.2018 in the London session at 1.2840 to 1.2672 on 5.12.2018 pre-london session open.
4.This was then followed by .618 retracement of XA creating our A to B leg at 1.2775.
5.We then had a fibonacci extension .382 of our A to B at 1.2712 creating our B to C leg.
6.We anticipate C to D completion on the following terms:
i. 78.6 Fib retracement of XA
ii. 1.272 XA Fib extension
iii. 1.618 XA Fib extension
NOTE: Check Gartley properties.
Once price action reaches this levels we will look for shorting opportunities based on key areas of support and resistance, RSI going overbought >70, Moving Average Convergence Divergence Crossover and also examining the candlesticks just to build up on confluence.
For any questions please feel free to ask or join my telegram channel for free.Link is available.
1. 15.08.2018 this pair hit a new low at 1.2667 before rallying up.
2. 04.12.2018 we retested this low and went back on a minor bullish trend.
3. Our X to A impulse leg starts off on 04.12.2018 in the London session at 1.2840 to 1.2672 on 5.12.2018 pre-london session open.
4.This was then followed by .618 retracement of XA creating our A to B leg at 1.2775.
5.We then had a fibonacci extension .382 of our A to B at 1.2712 creating our B to C leg.
6.We anticipate C to D completion on the following terms:
i. 78.6 Fib retracement of XA
ii. 1.272 XA Fib extension
iii. 1.618 XA Fib extension
NOTE: Check Gartley properties.
Once price action reaches this levels we will look for shorting opportunities based on key areas of support and resistance, RSI going overbought >70, Moving Average Convergence Divergence Crossover and also examining the candlesticks just to build up on confluence.
For any questions please feel free to ask or join my telegram channel for free.Link is available.