GBPUSD - Ready for a decent Retracement?
Hi Traders!
The market was in a very strong downtrend.
As you can see the market was making lower lows.
Until now the market never suceed in breaking a high.
That's why the market is likely to retrace even further.
As you can see the market tried to break in the orange box again, but price action pushes back.
That's why we recommend to take the trade now.
In addition, the SL is under the lowest low.
If the market breaks even under the lowest low, it'll fall even furthermore.
So, we will cut the trade.
The TP is at the 61.8% of the Fibonacci Retracement.
We recommend to buy now for a decent pullback!
Thanks and good luck :)!
The market was in a very strong downtrend.
As you can see the market was making lower lows.
Until now the market never suceed in breaking a high.
That's why the market is likely to retrace even further.
As you can see the market tried to break in the orange box again, but price action pushes back.
That's why we recommend to take the trade now.
In addition, the SL is under the lowest low.
If the market breaks even under the lowest low, it'll fall even furthermore.
So, we will cut the trade.
The TP is at the 61.8% of the Fibonacci Retracement.
We recommend to buy now for a decent pullback!
Thanks and good luck :)!
Note
The red box in BIG again:Note
Hey Followers!As you can see the market retested the support at 1.14300.
The SL is under the lowest low (as described) and that's why we're still in!
Now the trade is again in profit and since the retest there are now red candles.
That's a good signal for strength.
Have a nice day :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.