Given the current political turmoil surrounding the Brexit negotiations I can see more down side to the pound - on the other hand I expect the Dollar to continue to move up (FED say they will increase interest rates incrementally over the next 12 months) Taking this into account and the current structure break out I would say this is a good place to look for a short trade set up. I considered shorting today but given the proximity of the up trend line I held off. Now price has broken down I'll wait for a flag and short the break out.
This is not investment advice
Steve Nixon Trainer & Mentor
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Close up
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We've had a sharp pullback on the Pound of some positive Brexit news. I't may be short lived so I'm still looking for a short on the Dollar. If you want to trade the Pound long rather look at AUDGBP as the Aussie has been week recently
Hi @SteveNixon , we have a same view, but I'm aware for possible ABC correction after it breaks my blue horizontal line. Here is my view...Enjoy! :)
SteveNixon
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@AntonioM, Nice chart - that is a possibility. If I get into a short trade I'll get my stop to zero asap and see what happens. Given the current debacle around Brexit short is highly probable.
AntonioM
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@SteveNixon, thank you sir, keep posting, your analysis are great!