In all my previous analysis(see attached idea links below), I mentioned about selling the minor rallies in GBPUSD.
At this point, GBPUSD has not only broken through the 100D EMA but also consolidated below it which is quite bearish.
From the fundamental point of view, post-Brexit EU-UK talks will determine the direction of GBPUSD in the near term.
However, I believe selling the rallies is still the ideal way to trade this cross.
So, I would like to execute sell trades between 1.2880-1.2950 with SL above 1.3050.
I will target 1.2750, 1.2680 and 1.2600 as potential take profit areas if I manage to execute this trade.
At this point, GBPUSD has not only broken through the 100D EMA but also consolidated below it which is quite bearish.
From the fundamental point of view, post-Brexit EU-UK talks will determine the direction of GBPUSD in the near term.
However, I believe selling the rallies is still the ideal way to trade this cross.
So, I would like to execute sell trades between 1.2880-1.2950 with SL above 1.3050.
I will target 1.2750, 1.2680 and 1.2600 as potential take profit areas if I manage to execute this trade.
Trade active
Sold 1.2905, SL: 1.3051, TP:1.2750Will be looking to add another entry if it reaches 1.2950
Trade active
One more sell at 1.2927. Let's see if we get the classic Friday reversal
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Related publications
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.