GBPUSD - Trend Resumption; Break-Below of Retracement Channel
Updated
I guess I might have posted a little late as the price made its move down while I'm still drawing the chart.
Nevertheless, I'm seeing that the major retracement is almost or probably completed for GBPUSD.
I've labeled 2 stop loss level, a conservative and an aggressive one, for different risk appetite, and I'm certain of the trend.
The main reason for such certainty lies in the dollar last monthly candle formation, and my take is that the dollar is likely to regain domination during September.
As for the pound, there's still a lot of weakness coming from the shaky Brexit negotiation and still-weak economic data that's holding back BOE from raising rate any sooner.
Nevertheless, I'm seeing that the major retracement is almost or probably completed for GBPUSD.
I've labeled 2 stop loss level, a conservative and an aggressive one, for different risk appetite, and I'm certain of the trend.
The main reason for such certainty lies in the dollar last monthly candle formation, and my take is that the dollar is likely to regain domination during September.
As for the pound, there's still a lot of weakness coming from the shaky Brexit negotiation and still-weak economic data that's holding back BOE from raising rate any sooner.
Note
First target reaching at 1.28!
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