GBPUSD has been trending lower since April 2018.
At the January 3rd flash crash low, the pair was down nearly 2,000 pips from the April 2018 high.
There’s no doubting the fact that sellers have been in control.
However, there is a pattern that GBPUSD bears shouldn’t ignore.
Similar to EURUSD, the pound has carved what appears to be a falling wedge pattern. If the pair can close above resistance, GBPUSD could see further gains.
The “daily close” refers to the New York 5 pm EST close.
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At the moment, that trend line comes in near 1.2800. A daily close above it would expose 1.2880 followed by the 1.3050/70 resistance area.
Alternatively, bearish price action from the 1.2800 area could send GBPUSD back to 1.2700.
I’m neither bullish nor bearish GBPUSD at the moment.
But if I look at the price action since April of last year, I wouldn’t be at all surprised to see the pair advance toward the 1.3050/70 area.
Keep in mind that Brexit will remain front and center for some time. As such, you should expect volatility both ways for weeks and months to come.
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gbpusd also a support level 1.2700
guys simple words, do we buy or sell?
you make the decision!!
Sell
He said he is either buying or selling at the moment. But volatility is bound to happen as from next week within identified TLs
I mean not buying nor selling at the moment
Hello Justin, there is also a rising wedge pattern on USDCHF weekly chart. It would be nice you comment on it.
Thanks for the good work. May the good Lord bless you…
You’re welcome.
Great analysis. Thanks champ
It’s my pleasure, Victor.
thanks justin
You’re welcome, Alex.
GOOD MORNING JUSTIN.
WHAT’S GOOD FOR THE GBP’S .EXIT OR STAY ?
I WOULD LOVE TO HAVE AN ANSWER.
THANKS
Everything you’ve said is good and great thanks Justin
You’re welcome.
hi! justin good job .pls why are you nt comenting on commodity or index? or is that done on the membership area?
I comment on opportunities as I see them.
Nice one boss…please correct me if am wrong,I think there is a possible head&shoulder forming on 4hours/daily time frame of EURCAD…please kindly help us with insight thanks.
According to the way I personally read price action a falling wedge in a downtrend to support is a possibility of a bullish signal
Correct, which is what I wrote above.
weldone justin.
I started trading recently but I am only focucing on 15 min chart
The higher the tf the lesser the noise. You will understand as time goes by.
I advise you to focus on Daily TF and above to see the bigger (…and the more real) picture and to reduce noises!
Mr justine I sold gbpusd at 1.29241 and its going wonderful…
I cant wait to be in your group sir