Double top on the daily view of USD/GBP as well as the long wicks and the rejection of the short term based trend line indicate a shift in the trend into a bear market, more information on higher timeframes, weekly and monthly, showing a bear candle so far this month. This shift in the trend is further shown by an MA crossover.
I am taking a 1:2 short @ the 1.28...
USD/GBP bearish on 1 day and 1-week timeframe with the EMA crossing and sticking below the Simple moving average on both timeframes
4H timeframe shows resistance around the 1.2190 region along with the upwards trend line with 2 rejections. Waiting for the 3rd rejection and the bounce off the trend line before I place a order
Entry around the 1.2180...
Price has been falling in the channel marked on the graph, both support and resistance are well respected, sell on the resistance. Aiming to bank 20pips but can short for as far as you want as previous price action has followed suit.
Breakout occurred which took the price past the regular resistance, price action slowing down with the slowdown of the trend on lower timeframes with a long wick and shorter body of the most recent bullish candlestick alongside a bearish RSI indicating that it is currently oversold. The trend may continue however I predict the trend to end and return to the...
A clear trend beginning to form between the two trend lines, backed up by the 1-hour chart as well as bearish 1-day view, looking to ride all the way to a previous a major support/resistance at 110.9
