Pound Bull Run Over - GBP/USD Ichimoku Drawback Trade
While sitting bullish overall on the 4 hour, we've closed below tekan sen and the daily remains largely bearish.
When we look at the 4 hour here we see a flat kijun sen, that combined with the close below tenkan sen leads me to believe we're due for a drawback as the market seeks to balance back out.
We do have the on-going Brexit situation to be aware of here, but I don't see the pound gaining a ton of strength with the current economic display we've been seeing.
Since this is a counter-trend trade I will take slightly less risk than a trend based trade.
If we fail to break lower and trigger our sell entry, this setup may become invalidated.
When we look at the 4 hour here we see a flat kijun sen, that combined with the close below tenkan sen leads me to believe we're due for a drawback as the market seeks to balance back out.
We do have the on-going Brexit situation to be aware of here, but I don't see the pound gaining a ton of strength with the current economic display we've been seeing.
Since this is a counter-trend trade I will take slightly less risk than a trend based trade.
If we fail to break lower and trigger our sell entry, this setup may become invalidated.