GBPUSD POST FOMC - RISING WEDGE
This pair should face heavy resistance between 1.27691-1.27795, with a few key fib levels clustered around this area. This area has been a reliable support/resistance zone in the past.
The current rise is simply a pullback from the drop post-rate hike and this pair seems to be trading in a rising wedge structure. I am anticipating a break down of this structure near the top, for a continuation of the overall bearish trend. This should be catalysed during the London session, possibly with help from a dovish tone from the BoE during the UK’s interest rate decision resulting in further GBP weakness.
Look for entries between 1.2770 and 1.2780 on a lower timeframe.
SL @ 1.28185
TARGET 1 @ 1.27300
TARGET 2 @ 1.26706
TARGET 3 @ 1.26368
R/R ratio - approx 3.04 (depending on your entry)
Good luck
The current rise is simply a pullback from the drop post-rate hike and this pair seems to be trading in a rising wedge structure. I am anticipating a break down of this structure near the top, for a continuation of the overall bearish trend. This should be catalysed during the London session, possibly with help from a dovish tone from the BoE during the UK’s interest rate decision resulting in further GBP weakness.
Look for entries between 1.2770 and 1.2780 on a lower timeframe.
SL @ 1.28185
TARGET 1 @ 1.27300
TARGET 2 @ 1.26706
TARGET 3 @ 1.26368
R/R ratio - approx 3.04 (depending on your entry)
Good luck
Nota
GU looking quite dire, could break down a lot sooner than expected
Nota
GU struggling to move higher, starting to look like a bearish pennant rather than a rising wedge..Nota
Looking more like a pennant, updated entry is
SL @ 1.27708
SELL LIMIT @ 1.27420
TP1 @ @ 1.26617
TP 2 @ 1.26368
Waiting for candle to close below the lower trendline.
Nota
This should be it.. order hasn't activated yet
Trade attivo
Nota
Looks like the break down is real this time.. coming along nicely
Nota
Facing a hard support level here, but once it gets through 1.272-1.273 it's a race to the bottom
Nota
So far so good, bad UK retail sales helped limit upside risk, however gbpusd is currently facing exhaustion and needs to consolidate before more downside. Alternatively, a bearish impulse from the BoE rate decision should do the trick.
Nota
Trade going well, TP1 is in sight. Next major support at 1.26920, may need to form a consolidation structure to break through
Trade chiuso: stop raggiunto
Well that was a bit of a surprise. Risk management is key, especially when trading during high impact events such as interest rate hikes. SL was not used/hit as position was hedged before the BoE announcement. Trade cancelled for further analysis after the dust settles
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