GBPUSD is about to start its upside but its not long term trading ! It's only for a few weeks. Its going to have a lower low after its finished the pattern that is forming now.
Beautiful pattern if its going to work, don't miss out on it.
See my previous chart about GBP and see my prediction on it !
Trade Safe Trade Simple
Price of #GBPUSD is overall bearishh however we have a intraday bearish break to the upside
with minor S&R on the smaller time frame. With a risk to reward of 2:1 and target at 25637
I'm anticipating for price to rally up 29pips.
Ahead of the big date : 29 March 2019, the pair has shown to be increasingly volatile with highs of approx. 1.3350 & lows of 1.2500 due to uncertainty in the market related to a no deal Brexit.
We anticipate that Brexit will be further delayed as Betfair is offering 1.2 for the UK to not leave the EU by the 29/3/19 and 5.7 for otherwise. A delayed Brexit would be...
Here is a fairly high Reward:Risk trade set up for next week.
GBPUSD is approaching the outer bullish trendline for a 3rd touch and this also coincides with the Fibonacci 0.618 retracement zone. This is a very simple trend continuation set up with a target price of 1.35 achieving a high reward ratio.
However! - It takes 3 touches of a trendline to confirm it. So...
Bullish divergence on the H4 using stochastics shows price exhaustion and a well due correction for this pair. Cable should be well supported at the 1.2920 level and on the H1 we see decent rejection of this zone, which could be the start of the reversal of around 120 pips.