GBPUSD pair short
I shorted earlier today and set my sell limit at 1.5270 since I think it will break below 1.25282 soon.
Well, there could be a bearish continuation on the GBPUSD, but the 1.5400 level could act as a good support.
A pullback to the 1.5100 level on the GBPUSD could happen and from there the pair may continue falling.
The GBPUSD goes above the 1.5100 level, but it may stil go back down and visit the 1.5000 level.
It recovered quite well
Yes it did.
" My view on GBPUSD - Price is already in a great support area across all higher time frame, but the downtrend is still intact. Price will break through 1.45540 and can go upto 1.42235 , and can have a retrace upto 1.50755. Let know your views."
The pair formed a new low at 1.4532 even though it's currently retracing. I too think it will continue falling towards 1.4220.
GBP is currently shallow in nature because of its weak fundamentals and technical. The divergence of monetary policy and Brexit is hammering down the strength of Pound.
The downtrend might continue as we will see no rate cut by BoE because the economy is not performing at its best on the back of the account deficit and trade deficit.
GBP is expected to touch and test the level of 1.42 and thereafter 1.38. The traders who have buy position on GBP gonna lose a big Time!!!!!
Cable stays very weak. The Pound is have a difficult time going higher. Right now the 1.4400 zone has stalled the fall there, but it may as well break below that zone and reach the 1.4300 level.
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The secondary trend of GBPUSD is sideways on charts. In its 4 hourly chart, the pair is sustaining above its rising trend line and is likely to give break out at downside. It is not sustaining at higher levels and consolidating with strong negative bias to show downside movement in the market. Its 30 and 200 DMA are also supporting the upcoming bearish trend in the pair. It is having an important support at the level of 1.5280. If it breaks its support level and sustains below it then we can expect it to show further bearish movement in the pair.
RSI is also sustaining near the selling territory indicating the upcoming bearish trend in the pair.
STRATEGY: GBPUSD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions.