What's next for $GBPUSD ? 1.50 next ?
Looking at the weekly chart its evident that $GBPUSD is retracing from it's recent lows. Is this a change of trend or is this just a retracement ? Answer is we don't know.. We can look to find the sweet spots where we think it might turn if the trend continues down. Or if USD has a blow out we will see the major trend line broken here and we will move upwards.
Lets not assume what's gonna happen. What the chart tells us is 1.50 is the 50% retracement level also the trend line is exactly there. It can not get any sweeter then that. I will sell it here.. at 1.50 with stop 1.5280 .. the take profit will be around 1.3900 . So risk ratio is huge..
Good luck trading ..
Looking at the weekly chart its evident that $GBPUSD is retracing from it's recent lows. Is this a change of trend or is this just a retracement ? Answer is we don't know.. We can look to find the sweet spots where we think it might turn if the trend continues down. Or if USD has a blow out we will see the major trend line broken here and we will move upwards.
Lets not assume what's gonna happen. What the chart tells us is 1.50 is the 50% retracement level also the trend line is exactly there. It can not get any sweeter then that. I will sell it here.. at 1.50 with stop 1.5280 .. the take profit will be around 1.3900 . So risk ratio is huge..
Good luck trading ..