If you're going to take a position for the week, short now. Stop loss : 1.4660 or if you want something riskier, above last high at 1.4230 Take Profit : 1.4050 I run an exclusive forex group training full time forex traders at www.TheForexArmy.com
FX:GBPUSD Graphical Elements : Bearish descending channel stretching back to 2015 July Elliott Wave Structure : We're seeing a wave (5) ((3)) push down below fractal resistance at 1.4640 I specialize in Elliott Wave analysis for leading banks and hedge funds in 3 different countries. I also run my own trading community that specialize in training successful...
GBPUSD is moving up into the Daily -OB, and I am looking to go short between the 79% retracement level and the Daily -OB Equilibrium at 1.57. This figure also happens to be the 50% (equilibrium) for the 4H -OB. On the back of dovish comments by Harney, suggesting that a hike for the pound is coming no time soon, I believe this will make for a great medium-term...
Cable seems overbought on shorter timeframes and is worth a short setup try. Risk lies at daily R1 pivot 1.5699, target is 1.5550. This setup recommends to enter the trade at any price beetween 1.5635 - 1.5670