The British pound is driving all of us traders a little crazy at the moment. The simple reason for this, is that at the moment it is not possible to forecast the next movements on the smaller timeframes because even the bigger picture remains undeciphered. In other words, in the daily and weekly timeframes, it remains unclear whether the pound will break the trend of the upside correction, or if it will have more movements to the upside in the coming months. Getting our feet back on the ground however, on the 4hr timeframe what is interesting is that the pair, following the highest high seems to be corrective in a leading diagonal pattern to downside (pink trend lines). Getting more into the detail, it seems that after the last impulsive movement to the downside, the pair has had a minute "abc" correction which could be about to be over soon. Should this be the case, the pair could drop fast to the downside, going for a bigger downwards correction on the daily timeframe.
Watch for small (60min) sell setups.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Watch for small (60min) sell setups.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.