Get started
British Pound / U.S. Dollar
Short

Possible next leg down on GBPUSD

By Jason_Jay
Updated
We've still not seen a clear break of this falling wedge today and it's still in a strong downtrend. It's rather choppy this morning which is most likely smart money hunting and taking out our stops. If we see a strong close above this falling wedge, then this trade is invalid. I've plotted two TP's based on previous lows. Just be aware of the data coming out of the US later this afternoon which will most likely have some short-term impact.

TP 1 19899
TP2 19157
Note
I've been calling it falling wedge lol, been looking at other charters. This is more like descending channel
Trade active
TP 1 Hit
Trade active
Reaching previous support of 1,19660
Trade active
Wow, it really did push today. When it reaches the TP2 area, it would be a good entry for a long position. 1.19748 TP possible on that.
Chart PatternsGBPUSDgbpusdshortTrend Analysis
Jason_Jay
Also on:

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.