Descending Triple Top occurring on the 4HR Wedge (Entry - 1.24600).
Taking into account the Current Economic Situation and COVID-19, we at Sterling Capital FX belive the GBP is currently way Overvalued.
New Lows of 1.14 have been created on the Pound Sterling, things are projected to get worse with the Country on Lockdown so we can expect retests of 1.14 as the UK starts to slip into recession.
We Feel that Institutions will take Advantage of this Short Opportunity.
Entry - 1.24600
Stop - 1.24800
Target 1 - 1.22400 (230 Pips)
Target 2 - 1.20000 (475 Pips)
Target 3 - 1.14000 (1000 Pips)
Please be responsible for your own trade management, the above levels are take profits areas.
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Taking into account the Current Economic Situation and COVID-19, we at Sterling Capital FX belive the GBP is currently way Overvalued.
New Lows of 1.14 have been created on the Pound Sterling, things are projected to get worse with the Country on Lockdown so we can expect retests of 1.14 as the UK starts to slip into recession.
We Feel that Institutions will take Advantage of this Short Opportunity.
Entry - 1.24600
Stop - 1.24800
Target 1 - 1.22400 (230 Pips)
Target 2 - 1.20000 (475 Pips)
Target 3 - 1.14000 (1000 Pips)
Please be responsible for your own trade management, the above levels are take profits areas.
Share, like and comment for more Analysis!