GBPUSD: Time at mode uptrend might give us a great short soon

GBPUSD has an interesting chart here, with very clear resistance levels and a stop loss level for short trades. We will be looking to short the top of the current uptrend, to rejoin the long term decline in the Pound.
I think the uptrend is doomed from the get go, being a pullback in a downtrend, so, I will look to fade the rally when safe.

The chart shows a potential signal that could take price to the vicinity of 1.2830, but, there is a massive supply level at 1.2767 that could make the uptrend fail. Look for shorts above 1.2767 ideally, you can take a long term position and spread the selling over multiple days, using the stop on chart. If the analysis is correct, we'll get more confirmation for a precise technical short entry soon, for now, wait for updates here, and watch it. Going long isn't reccomended, although this will probably rally while EURUSD retraces.

Cheers,

Ivan Labrie.

Kommentera:

Almost confirming the uptrend signal.

Kommentera:

The Pound's stuck here...I'm watching from the sidelines.

Kommentera:

IvanLabrie
GBPUSD moving up
s3.amazonaws.com/tra...shots/n/NaMxSkhC.png

Kommentera:

(from the KHL chatroom)
s3.amazonaws.com/tra...shots/n/NaMxSkhC.png

Kommentera:

Approaching the short zone.

Kommentera:

You can start shorting here, and until FOMC. Spread your entries over a few days, to reduce risk.

Kommentera:

Seems like we caught the top. Adding a bit more each day at the close.

Kommentera:

Pairs like GBPAUD are an optimal sell too.

Kommentera:

Acting well.

Trade stängt manuellt:

Better wait to reenter, exit now.

Handel aktiv:

I'm reshorting here.

Kommentera:

Doubled the trade at 1.2504 and trailed stops to 1.2541, risk is $0, nada. Avg. entry: 1.2544. Would result in a 3 pip profit if stopped, but I think it'll keep going down.

Kommentera:

Great progress, hold!

Kommentera:

It should hit 1.2160-1.2170 before seeing any reaction.

Kommentera:

Certainly worked to predict the top.