GBPUSD - Overview on Daily Timeframe

OANDA:GBPUSD   Pound British/Dolar U.S
As the OANDA:GBPUSD             has been giving us more upside in the last sessions of 2017, on the daily timeframe , we still believe that this is just a momentarily movement, and that the next trade to take is still to the downside. On the chart is what we believe could be the evolvement of this pair in the coming weeks. Describing such movements more in detail, we expect OANDA:GBPUSD             to complete the "B" leg of a running (or contracting) flat, which is this long correction to the upside it is making now, to then have a drop to the downside (the "C" leg in the chart). This last movement, is the one we are aiming to trade, as it should be a decent four to five hundred pips. If it is a running or contracting flat, indeed, and therefore it doesn't break the top at 1.366, after the aforementioned movement to the downside, we expect the pair to then go for one last leg to the upside, breaking said top, before the big drop to the downside. We will follow all of the above movements, on the smaller timeframes, to share with all traders the consequent sell and buy opportunities in the short and medium term.

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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).

Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.

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