GBPUSD sitting on institutional demand level
Updated
Looking at the weekly chart you will recognise a trend of institutional buy orders, from the second week of december 2018, the last week of december 2018, last week of May and the third week of last month you will notice the trend of pulling sellers ins and quickly the price is pushed up. Looking at the daily chart you will notice the possibility of this pair pulling up to form a reverse heads and shoulder, so at this level i will be cautious on pulling the trigger on short trades.
Comment
Trade became invalid on the break and retest of 1.2571. It will be interesting to see just how bearish this pair will get in what seems to be a build up to a no deal brexit deal.
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.