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The Trader Advantage: Gbp/Usd Overview and Outlook
Excerpts taken from The Trader Advantage Program
Cable:
Daily price action is Oversold, into a Short trend (sell resistance set-up), and a very wide down-trend channel. The overall trend changes to Long if 1.5450 is taken out. Gbp Fundamentals are Poor. Previous 8 hour session range 130 pips. Weekly range 300 pips. Opened below the Neutral Swing Point with an initial Short bias. Intraday 25 pip Swing Point moves are Long above 1.5045 and Short below 1.5025 (Filled). Momentum is strong. Favor a Trade Plan straddle: Long to T2, Short to T1. Main Sup and Res areas: 1.5450 and 1.4850.
Gbp/Usd started the day with a short bias and continued to move lower during the Asian and the European sessions. The pound’s outlook continues to be grim, since the U.K. economy does not show any signs of relief from long-term growth issues. Tuesday, the U.K. trade gap widened to the highest level in almost 17-months, even thought the weak pound should have helped the export market.
TheLFB Charting: Gbp/Usd 4 hour view
The pair has also broken through the lower support line of a corrective channel, which also suggests lower prices to follow. Overall, we will be looking for an impulsive (five waves) decline towards the new lows in a red wave 5) that will complete an extended blue wave (3).
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