Get started

Gbpusdsell

GBP/USD - bearish flag formation before next BIG bearish moveGBP/USD price retested the broken daily ascending trend line on the 18th and 19th September, before continuing to the downside early last week. Price then found support at approx. 1.2741 level and began forming a bearish flag late last week between 1.2765 and 1.2700. There is a zone of confluence shortly coming into play between the potential end of the bearish flag and a descending 4H trend line. We will be looking for rejection from the 4H descending trend line, followed by a close below the 1.2700 level before entering another short position on this currency pair. Initial price target will be 1.2550, with a secondary target of 1.2088. If price closes above the 4H trend line, this analysis would become invalid.
Short
by TheForexFellows
[GBP/USD] SELLER IS GONNA WIN THIS WAR?1. Weekly timeframe: - Big Bearish trend bar after Market reaching to weekly resistance zone. 2. Daily timeframe: - Market broke the uptrend structure. 3. H4 timeframe: - New resistance zone was created near the uptrend structure break. After reaching to this resistance zone, market created a new resistance zone -> This tell us about seller pressure is coming. - Beside it, for trading pattern, We can see the 1st TOP of W pattern appeared -> Where is the 2nd TOP of this pattern? at this time. engulfing appeared -> This signal for 2nd leg. => So, with these informations, + New resistance + 2 top pattern -> We can place the sell order with stoploss above the 1st TOP.
Short
by NamDaoFX
1
GBP/USD - retracement of impulse before bigger move down?GBP/USD price has been, what we believe, to be in a retracement this week so far. After a strong impulse down last week, price is making it's way back into a region which we believe would be excellent for shorting opportunities. This zone represents a confluence between daily ascending support lines now turned resistance (since they have both been broken), the weekly descending trend line, the 100 DAY EMA, and the psychological level of 1.3000. After entry, targets for exit would be the 1.2760 that price briefly touched last week. If price can break that level of support, then a target of 1.2620 would seem sensible. If price closes back above 1.3050 this analysis would become invalid.
Short
by TheForexFellows
4