GBPUSD - SHORT
Following on from the EURUSD posted; GBPUSD has a more ready to go shorting entry right now on the 1HR timeframe.
1) At resistance of the down channel; while just completing a bearish Head and Shoulders from Friday.
2) RSI was in oversold territory on Friday and price never hit the overbought green line; signalling a bearish move to come.
3) Bearish engulfing candle has formed; this gives me more reason to enter right now.
Fundamental sentiment is bearish given the BOE's forecast from last week with high inflation predicted at 13.3% in UK and a likelihood of several negative GDP quarters signalling a recession is highly likely in the UK.
Stops are just above 618 level.
Target price is lower wick of Friday.
1) At resistance of the down channel; while just completing a bearish Head and Shoulders from Friday.
2) RSI was in oversold territory on Friday and price never hit the overbought green line; signalling a bearish move to come.
3) Bearish engulfing candle has formed; this gives me more reason to enter right now.
Fundamental sentiment is bearish given the BOE's forecast from last week with high inflation predicted at 13.3% in UK and a likelihood of several negative GDP quarters signalling a recession is highly likely in the UK.
Stops are just above 618 level.
Target price is lower wick of Friday.
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