*8GBP/USD**
GU is reaching the apex of this current descending triangle. Last week, we were able to nail the short of GU breaking it's shorter term bearish pennant, and now have completely a very textbook descending triangle which we will look to make money on this week!
Please note: 1.3 is an incredible number for GBP/USD. It has to do with the Bank of Englands lower-band target. If you don't know what I mean, just know that it's not only a key level, it's a psych level, and an institutional level.
I'm not interested in taking GU short, yet. I want to see how GU acts. As previously mentioned (in reference to UJ), psych levels are highly manipulated! Be careful trading around them.
We have two options: I see a huge break to the downside, causing 1.3 to becoming a very strong price of resistance. MAJOR SUPPORT HAS BEEN BROKEN!
We will stay on the side-lines, but will be ready to take this pair to new lows alongside with EU.
U.K. pound will make us money this week!
GU is reaching the apex of this current descending triangle. Last week, we were able to nail the short of GU breaking it's shorter term bearish pennant, and now have completely a very textbook descending triangle which we will look to make money on this week!
Please note: 1.3 is an incredible number for GBP/USD. It has to do with the Bank of Englands lower-band target. If you don't know what I mean, just know that it's not only a key level, it's a psych level, and an institutional level.
I'm not interested in taking GU short, yet. I want to see how GU acts. As previously mentioned (in reference to UJ), psych levels are highly manipulated! Be careful trading around them.
We have two options: I see a huge break to the downside, causing 1.3 to becoming a very strong price of resistance. MAJOR SUPPORT HAS BEEN BROKEN!
We will stay on the side-lines, but will be ready to take this pair to new lows alongside with EU.
U.K. pound will make us money this week!