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Having posted about twice already in the past few days, this will be my last GBPUSD Blog post (maybe!)
In my previous posts, I was bearish, however, did not take the short position. As the pair traded higher, I adjusted trendlines and fib levels, to make it fit a bearish scenario.
Why exactly? My wave analysis shows the up move is completed. Though it is possible that the pair is setting up for a second leg higher, I don't see it as a likely scenario with 2 months away from the Brexit referendum. For that reason, I believe the chart is bearish.
As well, the trend is bearish on most larger TF's. I'm quite confident the trade has potential to drop a thousand pips. And with that, I've taken a short position on the GBPUSD.
In my previous posts, I was bearish, however, did not take the short position. As the pair traded higher, I adjusted trendlines and fib levels, to make it fit a bearish scenario.
Why exactly? My wave analysis shows the up move is completed. Though it is possible that the pair is setting up for a second leg higher, I don't see it as a likely scenario with 2 months away from the Brexit referendum. For that reason, I believe the chart is bearish.
As well, the trend is bearish on most larger TF's. I'm quite confident the trade has potential to drop a thousand pips. And with that, I've taken a short position on the GBPUSD.
