yogeshsingh replies to: Which pairs are you selling and why?

I will look for a sell trading opportunity on the GBPUSD this week. Here’s why.

On the daily timeframe, the series of wicky candlesticks formed since two weeks’ ago produced a consolidating horizontal channel with a bearish tone. The bearish tone could be seen in the candlesticks formed on Thursday and Friday last week, leading to the break of a support trendline (black) seen on the weekly time frame. Although there is technical support for further southward move this week, price action may pullback to retest the high of the pinbar formed on Thursday last week (around 1.35620) or even last week’s high (around 1.36240) before a southward turnaround.

KP

Attached Image (click to enlarge)

Click to Enlarge Name: GBPUSD_D1_20th_May,_2018_Top-Down.png Size: 48 KB

Do your homework, follow the footprints of big money

Leave a Reply

Your email address will not be published. Required fields are marked *