I'm looking forward to a short term sell considering the fake out above structure and the bearish momentum we are currently seeing.
Considering the bullish sentiment on the GBP index and the bearish sentiment on the USD sentiment serving as additional confluence to the current oversold situation on GBP/USD, I will consider going long for at least till Thursday.
Gold was bullish last week overall, despite a few strong bears towards the climax of the week Gold is more likely to be bullish from what I see but I won't be making any comfortable trade decisions till I see price reaction above or below levels X or Y
Gbpusd - Daily - Price is trading at the bottom of this descending channel and calling for a deep correction of 300-400 pips so we good to take longs.
Wave 4 couldn't break 0.5 Fibonacci retracement which was also the trend line down which is also just below the SMMA 25 close - these are all signals that the completive 5th wave down is soon to come, we are likely to see a test of the 0.618 fib which managed to hold 3 wave but many not be so supportive now. If we see 0.618 hold the ABC corrective may start...
GbpUsd already clearly seen reversing on the sell zone(Resistance) for a short sell downwards to supports(Buy Zone) Then a buy high up. Please if you love my ideas support me with a LIKE, FOLLOW and also share your ideas on this particular pair too. Also always apply proper risk managements thanks!
*Yellow = 200 EMA | Blue = 100 EMA This photo captures the recent movement of OANDA:GBPUSD on the daily chart. In this movement, we see varying price action, but the most important of which is the upcoming support around 1.199 which is an all-time low . This means that the support is outlined on every major time frame including the monthly, weekly, and...
Flat correction completed now will continue after a minor pullback