Understanding GBP/USD

7 ago 2018

I wanted to update and post charts today and do a video (maybe later), but my A/C broke and my office is upstairs in a sauna. But I just wanted to post GBP/USD if anyone is trading it and wondering what's going on with it. At this point, that is what we have. The .618 level is below it... (Gcad hit its .618, hopefully you caught that but don't just go entering a buy on that one right this second). GU may be in the process of producing an ending diagonal (as the dollar index seems it may be doing one), but the pattern GU actually created was a running triangle (see how 'E' broke?). I think GU will probably be a nice buy upcoming, then another sell, but I am not trying to swing it on a buy right now. I drew the pitchfork in attempt to show you the structure it is currently in. I put some trend fibs to point out equal length to 1.236 extension, but it will come down to how it moves from here before I enter a buy on it...