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British Pound / U.S. Dollar
Long

GBPUSD Setup Late May / Early June

By UnknownUnicorn769459
Updated
GBPUSD has seen a continuous downtrend with no significant pullbacks. However, it is losing downwards momentum in synchrony with USD's loss of upwards momentum. This week or early next week, GBPUSD should be expected to enter a significant retrace. Further, minor retraces in the current downtrend are aligned for harmonic Fibonacci levels, which can be used to estimate a price target. This is a risky trade, as it attempts to catch a pullback rather than enter the trend from a pullback.
Trade active
Trade is good to enter.

SL: 1.333
TP1: 1.36
TP2: 1.374
Comment
SL was too tight and was triggered. GBPUSD is now perfectly in the entry zone. Good to re-enter, add long, or watch for confirmation if you are risk aversed.
Comment
Confirmation, enter now if you haven't already. This dip is an opportunity.
Comment
SL 1.329
Comment
May be forming a double bottom. This is an opportunity to add long (and more risk).
Comment
The 1.33 support zone seems to be holding. USD is expected to reverse or pullback at least a little, putting GBPUSD back into the entry zone. Downward momentum has definitely hit a brick wall, however, USOIL is likely responsible for the unexpected bullish USD in the last week.
Trade closed: stop reached
Comment
GBPUSD has failed to establish a lower support and has returned to the 1.33 to 1.336 zone. This could be the setup that the trade was looking for. Waiting for confirmation.
Trade active
As predicted, we are back on track.

SL: 1.331
TP1: 1.348
TP2: 1.36
Trade closed: stop reached
4h4hour4hrGBPUSDgbpusdlongTechnical IndicatorsLONGTrend Analysis

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