US
UK
Chinese
Japanese
Hong Kong
Australia
Spanish
Deutsch
Portuguese
Korean
French
Russian
GBPUSD finally broke the last low of 1.5326 and seems to be ready for potential break out of the range it has trading from few weeks. This breakout may potentially lead to significant downward extention on this pair.
( Click On Image To Enlarge )
We are able to see a descending triangle patterns as well on this pair, which could be further more confirmaion for bearish sentiment. However beak below 1.5350 now might lead this pair initially targeting towards 1.5210, 1.5150 & 1.5110
Stop could be placed beyond last swing high at 1.5422. Another way to decrease this risk on the trade is to wait for pull back to 1.5450 and enter into the trade. However If price moves beyond 1.5450 and closes above that, the potential for the price to move higher is likely to happen.
Like us on Facebook
So consider going short if price trades below 1.5450 targeting towards the above mentioned targets.
Note: While trading always use proper money management in executing your trades. This analysis is a guideline to TopPips forex trading community, where it helps to make better trading decisions.
