BIG PICTURE:
Overall Bearish GBP cuz of uncertainty in brexit and technicals as mentioned in linked chart ideas. I was looking for a good entry in GBPUSD but i am also bearish the dollar so i see this as a good opportunity to get short the pound.
INTRADAY FUNDAMENTALS:
Bearish Reversal forming as indicated by Divergence in the RSI on LTF and HTF. Price is currently trading above VWAP. New Swing Low was formed, i am shorting into what may be the top of the lower high.
TECHNICAL ANALYSIS:
current entry point is a pullback to the 50 EMA on the 4HR chart. this is in confluence witht the 61.8% retracement from the new swing low to the most recent swing high. targets are 137 and 138.
HTF/ TA:
on the 4HR price pulls back to the stationary 50 after breaking below on the RSI. there is heavy divergence as price comes to around the 1.35 area as well as heavy rejection. this is a clear indication for a bearish reversal pattern setup. if this fails i will begin looking at the 1.345 and 1.35 levels to short back into.
RISK MANAGEMENT:
3 tier aggressive
Overall Bearish GBP cuz of uncertainty in brexit and technicals as mentioned in linked chart ideas. I was looking for a good entry in GBPUSD but i am also bearish the dollar so i see this as a good opportunity to get short the pound.
INTRADAY FUNDAMENTALS:
Bearish Reversal forming as indicated by Divergence in the RSI on LTF and HTF. Price is currently trading above VWAP. New Swing Low was formed, i am shorting into what may be the top of the lower high.
TECHNICAL ANALYSIS:
current entry point is a pullback to the 50 EMA on the 4HR chart. this is in confluence witht the 61.8% retracement from the new swing low to the most recent swing high. targets are 137 and 138.
HTF/ TA:
on the 4HR price pulls back to the stationary 50 after breaking below on the RSI. there is heavy divergence as price comes to around the 1.35 area as well as heavy rejection. this is a clear indication for a bearish reversal pattern setup. if this fails i will begin looking at the 1.345 and 1.35 levels to short back into.
RISK MANAGEMENT:
3 tier aggressive
