Discover why FBS reduced the GBPCAD spread and what to do next!
GBP/USD: bears are pulling down
2019-11-11 • Updated
On the daily chart bears managed to lead the quotes out of the descending channel. This increases the risks of triggering "Bat" pattern with a target at 88.6%. The necessary condition of this scenario is the successful test of support at 1.2370. On the other hand, the pound's return above resistance at $1.2495 will increase the risks of uptrend resumption.
On H1, patterns "Bat' and AB=CD allow determining potential of the downward movement. Their targets are close to 1.2305 and 1.2160. The break of support at 1.2420 will increase the risks of a decline.
Recommendation: SELL 1,242 SL 1,2475 TP 1,2305.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...