GBPUSD Breaks Down Finally ( Idea Update) /New plan and Analysis
If you have been following my ideas, you already know that I have been writing about how Pound will get weaker in the days to come.
Before the start of the trading week, I mentioned in my GBPUSD idea about a WEAK uptrend and subsequent fall.
(All ideas attached below)
That is exactly what happened this week. Price did a weak rally towards 1.3020 and dropped heavily.
I also mentioned about the significance of the consolidation in the 100D EMA area.
So, GBPUSD did some consolidation around the 100D EMA area but finally, the sellers stepped in and pulled the price significantly lower.
What happens next?
The best plan is still to sell the rallies. If there is any deep retracement in the next week, traders can look for sells again.
I have repeatedly mentioned why tough times are ahead for the Pound from the fundamental point of view(read attached ideas).
EU-UK trade negotiations are going to be difficult and the negative headlines coupled with the uncertainty will be bad for the Pound.
Before the start of the trading week, I mentioned in my GBPUSD idea about a WEAK uptrend and subsequent fall.
(All ideas attached below)
That is exactly what happened this week. Price did a weak rally towards 1.3020 and dropped heavily.
I also mentioned about the significance of the consolidation in the 100D EMA area.
So, GBPUSD did some consolidation around the 100D EMA area but finally, the sellers stepped in and pulled the price significantly lower.
What happens next?
The best plan is still to sell the rallies. If there is any deep retracement in the next week, traders can look for sells again.
I have repeatedly mentioned why tough times are ahead for the Pound from the fundamental point of view(read attached ideas).
EU-UK trade negotiations are going to be difficult and the negative headlines coupled with the uncertainty will be bad for the Pound.
