Shorting GBP USD based on Eliot Wave and weak support
Updated
Based on the current market structure and 25, 50, and 100 moving averages, we could build a case for another short on GBP USD. A good point of entry would be Point E which is 1.36906 and Target D (1.33646).
You can wait for the bearish engulfing candle and price closing at 20,50 moving averages.
Happy to get some feedback on this and please manage your own risk.
You can wait for the bearish engulfing candle and price closing at 20,50 moving averages.
Happy to get some feedback on this and please manage your own risk.
Note
Another possible idea could be to enter now and ride the wave until point E.Note
Currently, my long position to ride the trend up to point E is negative. The huge selling pressure during the London session caused the big drop in price.
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