Two long term scenarios for GBP/USD. In both
cases the projected target would reach above the
61.8% Fib retracement level measured from 1.7192
to 1.1905.
I personally assume that the 2nd scenario, the
bearish 2618 trade, is more viable due to technicals,
especially when looking at the RSI which has crossed
the overbought levels already, hence, a re-test of
the highs would most likely result in bearish
divergence.
However, one cant be certain, and therefore I
drew a possible double bottom formation where
price currently sits. The first hurdle for this
projected double bottom to work would be a
close above 1.400 which is the 61.8% Fib retracement
level measured from 1.4377 to 1.3391. The next
hurdle would be a close above the 1.4377 level.
We will just have to wait and see how price action
unfolds, but in order for this pair to go lower a bullish
corrective move, I believe, is necessary at the moment.
Happy trading
cases the projected target would reach above the
61.8% Fib retracement level measured from 1.7192
to 1.1905.
I personally assume that the 2nd scenario, the
bearish 2618 trade, is more viable due to technicals,
especially when looking at the RSI which has crossed
the overbought levels already, hence, a re-test of
the highs would most likely result in bearish
divergence.
However, one cant be certain, and therefore I
drew a possible double bottom formation where
price currently sits. The first hurdle for this
projected double bottom to work would be a
close above 1.400 which is the 61.8% Fib retracement
level measured from 1.4377 to 1.3391. The next
hurdle would be a close above the 1.4377 level.
We will just have to wait and see how price action
unfolds, but in order for this pair to go lower a bullish
corrective move, I believe, is necessary at the moment.
Happy trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.