TECHNICAL:
Reason 1:
-Possible descending wedge pattern forming indicating possible bullish reversal? Comments welcome on wether this actually is a descending wedge or not, my pattern trading needs some more work.
Reason 2:
-61.8 fib level coincides with bottom of descending wedge pattern, confluence?
Reason 3:
-61.8 fib and bottom of ascending wedge pattern is at similar previous level of support seen end of june 2016 and August 2017
FUNDAMENTALS:
PERSONAL THOUGHTS:
-May come further down to the 61.8 fib level coinciding with the previous level of support and descending wedge pattern. I beleive it may then break out to the upside as the daily chart is drastically oversold and the geopolitical tensions e.g north korea, China/EU/India trade war, may start to negatively affect the USD soon therefore giving GBP a boost
**Appreciate thoughts and comments, constructive criticism only please!
Reason 1:
-Possible descending wedge pattern forming indicating possible bullish reversal? Comments welcome on wether this actually is a descending wedge or not, my pattern trading needs some more work.
Reason 2:
-61.8 fib level coincides with bottom of descending wedge pattern, confluence?
Reason 3:
-61.8 fib and bottom of ascending wedge pattern is at similar previous level of support seen end of june 2016 and August 2017
FUNDAMENTALS:
PERSONAL THOUGHTS:
-May come further down to the 61.8 fib level coinciding with the previous level of support and descending wedge pattern. I beleive it may then break out to the upside as the daily chart is drastically oversold and the geopolitical tensions e.g north korea, China/EU/India trade war, may start to negatively affect the USD soon therefore giving GBP a boost
**Appreciate thoughts and comments, constructive criticism only please!
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.