GBPUSD: Breakdown of a Bearish Trend Continuation Setup

FX:GBPUSD   Pound British/Dolar U.S.
Many would call me crazy for looking to short the Cable ($GBPUSD) knowing that we're at a major level of structure on the daily chart , but IF we get the right type of retracement, there will be plenty of room to profit and exit the trade in what will simply look like retest of structure lows on the HTF.

As you can see on my chart price action has recently gone through it's normal stages of expansion, consolidation, followed by expansion. My prediction is that we'll see some continued bullish action off of our current lows and retest that previous level of consolidation where I have an initial killzone made up of Fibonacci retracements and an inversion.. That's where I'll be looking for my opportunities to short.

Each week in the Live Room and Syndicate, we seem to pick a single pair that we stalk for days waiting for the right opportunity. Last week it was the AUDCAD and that played out pretty well. Hopefully we can see the same here on the GBPUSD .

Other pairs on my radar to start the week are the USDCAD (which I'm already long this morning), NZDUSD and AUDUSD . Best of luck in the markets this week traders and if you want to see the video version of my Trading Recap just click the link below.

"Trading Recap Week #2: Attacking The $EURUSD" https://www.youtube.com/watch?v=lIxHziWF...

Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered,com -The Premier Online Trading Education Company
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not a crazy move at all. Think of it in terms of the old phrase: "fortune favors the bold"
weekly pivot and approx Monthly Support(2) equals your potential short zone here;( just some added info)
+1 Balas
DerekUweri71 Akil_Stokes
Hi Akil, do you see a continuation pattern on £$ now?
+1 Balas
Akil_Stokes DerekUweri71
DerekUweri71 Akil_Stokes
ok Thanks. Is it not of interest to you? It looks a bit weird with about 4 pullbacks. Bulls are wrestling with this one, let's see what happens. Thanks again.
+1 Balas
Akil_Stokes DerekUweri71
It's not at a level where I can execute a trad eon it but I'll certainly be keeping a watchful eye
DerekUweri71 Akil_Stokes
Thanks Akil, appreciate your time.
Afternoon Akil, Iv'e been watching this and have been shorting and made some great pips on this.

All in my opinion of course, have a great day!
+1 Balas
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