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Gbpshort

GBPUSD - Bearish rotation?A series of lower highs, inside a big triangle / wedge (see daily or even weekly timeframe) we could see a bearish rotation down to the bottom of the wedge. Coming from a historically strong and significant resistance area (1.2555) I see a potential bearish ride down to 1.2300 and possibly further. While venturing down I'm looking to lock profit after passing 1.2400. Anything can happen. Feel free to comment your thoughts. GBP has been interesting the past few months to say the least.
Short
by timmynorin
1
GBPUSD - After our breather, comes the next dive.We have hit a historically strong and stubborn support & resistance zone, a psychological round number 1.2400, a 0.618 fibonacci retracement of X-A, and our momentum has been weakening - and even broke to the downside. Now its time to jump on the bear train again! Or at least I am. Targets are marked on the cart, with a potential zone which we may very likely hit within the next 30 days. Entered: 1.2392 Elevator, bring us down please.
Short
by timmynorin
2
GBPUSD - Short setupWill the bouncing continue? We see a clearly defined, triangle-narrowing movement on this pair as we're respecting both structure and trendlines more and more lately. We're heading into a triangle, and price-action seems pretty determined. IF it continues we could pick up some profit on the way. It might aswell be a trap, with a break to the upside. I chose to enter, because of above, and we also see a double top, respecting the trendline, and we ALMOST see a 2618 in the 15 minute chart (bearish candle did not close below the lowest low of the V point between the double top) I did however initially base this setup on the hourly. Risk to reward is good enough for me. No matter the outcome, it will be interesting to follow - will this pair stay determined on its bouncy narrowing route?
by timmynorin
3