GBPUSD has broken the wedge support a while ago. After breaking the support (Shown on chart as breakout #1) it has plunged all the way down to 1.48. If you check out my previous charts I was expecting 1.44 straight. But instead it reversed and went beck into 1.51 - 1.53 range. I am still bearish cause I believe that this was only the test of breakout #2. As long as we don't get over 1.5450 I will be short. Breaking this range will put 1.5600 again as initial target. On the other hand on the daily chart we show a tweezer top, which is a sign of reversal. Also 1.5410 is the 38.2% retracement of the current down trend. So we will add to short till 1.5450, putting the stops above this level. I will reverse only if we reach 1.5480.
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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.