GBPUSD Descending wedge pattern with fib confluence, thoughts?
TECHNICAL:
Reason 1:
-Possible descending wedge pattern forming indicating possible bullish reversal? Comments welcome on wether this actually is a descending wedge or not, my pattern trading needs some more work.
Reason 2:
-61.8 fib level coincides with bottom of descending wedge pattern, could this be classed as confluence?
Reason 3:
-61.8 fib and bottom of ascending wedge pattern is at similar previous level of support seen end of june 2016 and August 2017
FUNDAMENTALS:
-New brexit defeat for the British government, brexit bill sent back to house of commons. Article released 1hr ago from the BBC news website: www.bbc.co.uk/news/u...k-politics-44518702.
PERSONAL THOUGHTS:
-May come further down to the 61.8 fib level coinciding with the previous level of support and descending wedge pattern. I beleive it may then break out to the upside as the daily chart is drastically oversold and the looming trade war between US, China and france may start to have a negative effect on the USD soon?
**Appreciate thoughts and comments, constructive criticism only please!
Reason 1:
-Possible descending wedge pattern forming indicating possible bullish reversal? Comments welcome on wether this actually is a descending wedge or not, my pattern trading needs some more work.
Reason 2:
-61.8 fib level coincides with bottom of descending wedge pattern, could this be classed as confluence?
Reason 3:
-61.8 fib and bottom of ascending wedge pattern is at similar previous level of support seen end of june 2016 and August 2017
FUNDAMENTALS:
-New brexit defeat for the British government, brexit bill sent back to house of commons. Article released 1hr ago from the BBC news website: www.bbc.co.uk/news/u...k-politics-44518702.
PERSONAL THOUGHTS:
-May come further down to the 61.8 fib level coinciding with the previous level of support and descending wedge pattern. I beleive it may then break out to the upside as the daily chart is drastically oversold and the looming trade war between US, China and france may start to have a negative effect on the USD soon?
**Appreciate thoughts and comments, constructive criticism only please!