Hi guys, a lot of traders are watching this formation and break-out. Many probably wondered why the pair stalled after the break out, but hasn't retraced either? The Wave Trend indicator is great for catching fades and for staying out of over extended break out trades.
If you faded this trade and wondered why it didn't go anywhere; it is because the pair just broke above down trending resistance. Investors seem to be warming up to Brexit in favor of the GBP.
If you bought the break out and are wondering why it didn't go higher; it is because the pair was over extended during the breakout.
I expect the GBPUSD to continue higher after a brief sideways consolidation. I will enter after a clean break above the 2500 area.
This is not investment advice, just my opinion(s). Please trade accordingly.
Trade safe and keep an eye on news.
If you faded this trade and wondered why it didn't go anywhere; it is because the pair just broke above down trending resistance. Investors seem to be warming up to Brexit in favor of the GBP.
If you bought the break out and are wondering why it didn't go higher; it is because the pair was over extended during the breakout.
I expect the GBPUSD to continue higher after a brief sideways consolidation. I will enter after a clean break above the 2500 area.
This is not investment advice, just my opinion(s). Please trade accordingly.
Trade safe and keep an eye on news.