GBP/USD scaled-in short trade added
|GBP/USD technical analysis
-
Clear break below W L4.
-
Bearish trend continues.
-
1.2108 should be next.
-
Bears must hold below 1.2230.
MEGATREND MAs: Bearish
H4 GBP/USD
1. Trendline start.
2. Support low.
3. 2nd trendline touch.
4. New entry.
5. Target.
The GBP/USD is in a short trend. Megatrend moving averages are bearish and we can also spot daily bearish candles along with H4 bearish rejections. The ongoing problem in the UK with Scotland can also weigh on the price. Currently 1.2160 is strong support and intraday break of that level should move the price lower. W L5 is 1.2108 and the ATR projection is 1.2050. However, if the market doesn’t hold below 1.2183 we might see 1.2230 again and that would endanger the bearish trend on the GBP/USD. I am selling the rallies and two short positions are there for a continuational move down.
This analysis is a part of the Megatrend trading course. I have 2 short positions that I will maintain. The intraday target is 1.2108 while the intraweek target is 1.2060. There is no swing target yet but it might happen if the price breaks 1.2050.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.