British pound analysis Good evening guys,
Ive just released 2 ideas POUND-related and now i'll explain why im bearish on gbp so far, this is a GBP FUTURE chart for the current month.
First of all, on the left chart im not using traditional candlestincks, im using the Point N' Figure chart, its a great chart for those who wanna avoid the "noise" of the market, very good on stocks as well.
We can see on these chart gbp is breaking a structure support so far and the upwave volumes are too low showing there is not too much demand for gbp.
On the middle dailychart we can see the ascending trendline and gbp is just testing it now, a breakdown will confirm bearish behaviour for gbp.
On the left chart we can see that gbp is lacking demand so far with low volume up-candles.
This is just a reflection on what we can see on the other trading ideas, gbp is bearish now.
Now the most important thing is, gbp is BEARISH NOW, what about tomorrow? tomorrow we can have some news about brexit or anything else on eurozone that can shake the market, cant we? =)
Thats why stop losses and proper money management on trades are a MUST.
When and if i have some good audience i'll create some educational posts explaining about my trading style and philosophy.
Enjoy? leave a like =]
This is just an educational post and not a trading signal.
