GBP/USD 6 Point ZigBearish Zig Zag is Playing Out

GBP/USD Technical Analysis

  • Bearish zigzag
  • Market is making lower lows
  • Clear downtrend
  • 6 – point Downward continuation

  1. Swing High
  2. SwingLow
  3. Pinbar
  4. Swing low
  5. Triple top
  6. Entry

The price is bearish. The markets are going down as technical and fundamentals are aligned. BOE stance was dovish and this has absolutely been reflecting on the price. At this point you can see that markets are bearish and my strong opinion is that bearish continuation is developing atm.You can see all positions that I have and this new GBP/USD position. Targets are 1.3462 followed by 1.3380 and eventually 1.3275. However, as markets are always in the pullback retracement mode, protection of the profits is important when the market gets to important support levels. Selling the rallies is the best way to trade the cable now.

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Cheers and safe trading,

Nenad

 

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.