Key Support: 1.3615 – 1.3520 – 1.3440
The GBPUSD fell 3.60% (500 pips) last month (from high to low. From September lows we have seen an increase of 1.93% (258 pips) to retest the previous broken lows.
This move is a 76.4% pullback of the last impulse down and a 50% pullback of September’s range. A reversal is still not in play and price could definitely break above the 1.3675 since the short term structure is pretty much bullish. In the past 5 trading days, price has printed a new daily high.
We need to look at the USD for some direction here.
The DXY is still holding the previous broken highs on a retest (94.05) and the weekly pivot which gives me somewhat of a bullish bias. To really trigger this move the DXY needs to break with Friday’s highs which would trigger a bull flag breakout.
My idea is to trade this rally on a short position in the GBPUSD at the break of the short term structure.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
