Shark week continues- once again on a GBP pair. I am expecting the pound to drop across the market in the next couple of weeks!
This bearish shark is reaching completion at a key resistance zone on this pair, as are most of the GBP pairs at this time. GBP has seen some growth over the past couple of weeks, so I am expecting a sell off to balance out supply/demand. See more below.
Risk:Reward @ 1:3 as always! Stop loss at 1.90172 with a target price of 1.80631- an entry directly on our PRZ would bring a return of just over 700 pips! Hopefully price edges a little higher and we can take a good entry- I will not enter below a D point.
Bat Ratios
X:B = 0.38-0.5
A:C = 0.382-0.886
B:D = 1.618-2.618
X:D = 88.6%
This bearish shark is reaching completion at a key resistance zone on this pair, as are most of the GBP pairs at this time. GBP has seen some growth over the past couple of weeks, so I am expecting a sell off to balance out supply/demand. See more below.
Risk:Reward @ 1:3 as always! Stop loss at 1.90172 with a target price of 1.80631- an entry directly on our PRZ would bring a return of just over 700 pips! Hopefully price edges a little higher and we can take a good entry- I will not enter below a D point.
Bat Ratios
X:B = 0.38-0.5
A:C = 0.382-0.886
B:D = 1.618-2.618
X:D = 88.6%
Comment:
This trend line has been tested frequently- with one false break mid rally. I believe we should see declines once this is successfully broken.
