After a breakdown of the yearly range in 2016, GBPUSD is now in a bear market. But recently GBPUSD had finally breakout his triangle. Now what ?
Trade :
The price is currently overvalued, topping on a Daily 9. It should retrace to the area of the breakout and at this time, if it finds support, a (short to mid-term) bullish trade will be confirm. On Daily a nice double bottom is trying to form and this triangle on 4h could help it to realize.
Type of trade : Continuation (consolidation). Time-frame : 4h (short-term trade).
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DISCLAIMER : I'm not a financial advisor. I can't be responsible for your losses. You trade at your own risk.
Commentaire
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We made a significant pullback and now price is growing again to complete the wave 5 !
Commentaire
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Price is on the support now as expected (timeframe is little wrong), price should rebound to complete wave 5.
If you draw trendline starting somewhere in september 2018 you will see it looks more like false breakout only. But its just my opinion based on small and short knowledgebase