A lot of traders are looking to short the GBPUSD as of late.
Several charts have been posted of a wedge breakout/ channel breakout etc.
This chart provides the perspective from a bullish side.
1. The Channel on 1H has not broken to the downside
2. We've taken out Support/Resistance at 1.4230
Although this may not be the strongest setup for long positions, it is not necessarily a good place to short either. An important chart to watch here is the weekly and monthly charts in the pair, they show strong multi decade support in these areas, and certainly an area of interest for long term speculators.
I will be opening a 1/4 size position here to the long side with stops below 1.4230 - if it goes my way, i'll be looking to add to the position higher up and will post the setup.
Several charts have been posted of a wedge breakout/ channel breakout etc.
This chart provides the perspective from a bullish side.
1. The Channel on 1H has not broken to the downside
2. We've taken out Support/Resistance at 1.4230
Although this may not be the strongest setup for long positions, it is not necessarily a good place to short either. An important chart to watch here is the weekly and monthly charts in the pair, they show strong multi decade support in these areas, and certainly an area of interest for long term speculators.
I will be opening a 1/4 size position here to the long side with stops below 1.4230 - if it goes my way, i'll be looking to add to the position higher up and will post the setup.
