GBPUSD potential short position.
GBPUSD bounced spectacularly off the all time monthly support on monday leading to an extremely bullish week encouraged by the bearish dollar.
We can see GBPUSD has almost completed a 61.8% retracement of its most recent bearish move. The 61.8 coincides with an area of resistance for the pair.
Expecting to see between a 50% and 61.8% retracement of this latest move depending on fundamentals and dollar strength over the coming week.
Would look to enter small positions on and around the 61.8% fib and larger position once the current channel is broken depending on price action and dollar strength.
We can see GBPUSD has almost completed a 61.8% retracement of its most recent bearish move. The 61.8 coincides with an area of resistance for the pair.
Expecting to see between a 50% and 61.8% retracement of this latest move depending on fundamentals and dollar strength over the coming week.
Would look to enter small positions on and around the 61.8% fib and larger position once the current channel is broken depending on price action and dollar strength.
Operación activa:
First entry taken at 1.24524 on market open 100 pips in profit.