Here we have another setup on the Gbp pair as they all seem to have some room to the downside.
As we said for the Cable, the uncertainty on the Brexit should push the pound lower. In this setup we have some nice confluences. First of all it seems to have formed a double top, we have some nice rejection of the 1.70600 area, a good pinbar and finally a big engulfing candle to close the week and break the bullish trendline.
Now what we'd like to see is a retest on the resistence (maybe in the 1H timeframe around the 61.8% Fibo retracement), and then a push lower to the bottom of the range (1.67400).
First Tp if we enter this trade (always after candlestick confirmation) it's around 1.69000 as we meet our first support.
As we said for the Cable, the uncertainty on the Brexit should push the pound lower. In this setup we have some nice confluences. First of all it seems to have formed a double top, we have some nice rejection of the 1.70600 area, a good pinbar and finally a big engulfing candle to close the week and break the bullish trendline.
Now what we'd like to see is a retest on the resistence (maybe in the 1H timeframe around the 61.8% Fibo retracement), and then a push lower to the bottom of the range (1.67400).
First Tp if we enter this trade (always after candlestick confirmation) it's around 1.69000 as we meet our first support.