This is an update on my original Long GBP/USD idea published on June 28th
TECHNICALS:
1.
- Price up-side confined by upper-descending trend-line resistance
- Price tested this trend-line twice in the past month and formed rejection candles
- However a 4h candlestick has now cleanly broken through the trendline
2.
- Potential inverse H + S pattern formed coinciding with trend-line
breakout
- Even though Head and shoulders line up, the neckline of the pattern is very unclear
so I am mainly using simply the trend-line breakout as my main long signal here
FUNDAMENTALS:
- Trade war between USA/China/EU not showing any signs of an agreement yet/ramping down.
- On Sunday it is claimed that Donald Trump said he believed the nuclear disarmament deal with North Korea may not work out, if this is true this could be very bad news for the US and a repeat of previous meetings with North Korea.
- A lot of high volatility USD news this week including FOMC statement minutes on Wendesday.
-Appreciate any thoughts, comments. Thanks for reading.
James .
TECHNICALS:
1.
- Price up-side confined by upper-descending trend-line resistance
- Price tested this trend-line twice in the past month and formed rejection candles
- However a 4h candlestick has now cleanly broken through the trendline
2.
- Potential inverse H + S pattern formed coinciding with trend-line
breakout
- Even though Head and shoulders line up, the neckline of the pattern is very unclear
so I am mainly using simply the trend-line breakout as my main long signal here
FUNDAMENTALS:
- Trade war between USA/China/EU not showing any signs of an agreement yet/ramping down.
- On Sunday it is claimed that Donald Trump said he believed the nuclear disarmament deal with North Korea may not work out, if this is true this could be very bad news for the US and a repeat of previous meetings with North Korea.
- A lot of high volatility USD news this week including FOMC statement minutes on Wendesday.
-Appreciate any thoughts, comments. Thanks for reading.
James .
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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.