Here are a few variations of graphical representation of trend and range on the Daily timeframe.
It is interesting if we are not trading into a Wedge formation which would actually Bullish implication.
Given the larger Range (marked by the White trend lines) we are trading below the previous Support not turned Resistance around 1.55 level.
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I sold the GBP/USD at 1.5409 with a 1.5466 stop.
Once in position one should be checking if he's not right.
Weekly GBP charts and wonder what is keeping it from falling in the abyss..
previous week's low a 1.5345 is a magnet and all techs point lower - Bollinger Bands are starting to expand and that signals acceleration..
my first target is 1.52, however given previous week's range it is possible if we see acceleration to hit 1.51 - 1.5050 lows..
today we made 2-nd lower low and it logically the 1.5345 low comes in focus.
Weekly GBP charts and wonder what is keeping it from falling in the abyss..
previous week's low a 1.5345 is a magnet and all techs point lower - Bollinger Bands are starting to expand and that signals acceleration..
my first target is 1.52, however given previous week's range it is possible if we see acceleration to hit 1.51 - 1.5050 lows..
today we made 2-nd lower low and it logically the 1.5345 low comes in focus.
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