Well, I guess we can all agree to selling #GBPUSD for the next week but what targets are we possibly looking at?
With the recent formation of possible triple tops on H4, we can clearly see the important resistance region between 1.3440 and 1.3450, which can be our stop loss region, crossing here, the trend shall break high proceeding to higher resistance levels.
However, as the trend turned bearish in the recent turn of events, bears are targeting first support level at 1.3491 but let us keep a safe estimate at 1.3500. Breaking 1.3491, we might be looking at 1.3400. This next support region extends to 1.3360 from 1.3400, we might be looking at some distribution between 1.3400-1.3360. This is a strong support region and also the base of our triple tops.
Now that you know the strong target of the bear on cable, I hope you guys make good profit. But manage your risk according to your account balance. I personally never make all trade entries more than ten percent of the total amount. But that is entirely up to you guys. Good Luck!
With the recent formation of possible triple tops on H4, we can clearly see the important resistance region between 1.3440 and 1.3450, which can be our stop loss region, crossing here, the trend shall break high proceeding to higher resistance levels.
However, as the trend turned bearish in the recent turn of events, bears are targeting first support level at 1.3491 but let us keep a safe estimate at 1.3500. Breaking 1.3491, we might be looking at 1.3400. This next support region extends to 1.3360 from 1.3400, we might be looking at some distribution between 1.3400-1.3360. This is a strong support region and also the base of our triple tops.
Now that you know the strong target of the bear on cable, I hope you guys make good profit. But manage your risk according to your account balance. I personally never make all trade entries more than ten percent of the total amount. But that is entirely up to you guys. Good Luck!