USD/GBP - One of Two Moves

23 de mai. de 2019

USD/GBP = Overall the pair is in an uptrend according to monthly timeframe. Price is approaching a major key level. Price action suggests strong bullish movement. Overall I think bulls will tire at the key level and consolidate at this level. Price will then either do one of two things. 1st: Continue past the key level and further move up to the monthly uptrend line and once price hits Bears will take over immediately push price down heavily. 2nd: Once price hits the above key level consolidation will occur at this level for a bit and make a smooth transition down to the neckline of what could be a "double top". I think there is a high chance of price consolidating for a 2nd time; breaking the neckline, retesting and then move down with some momentum. Hopefully one of the two predictions will be correct in 2019. Happy trading and good luck profit hunters.

Trading Journal #7

-Austin S.