Hi Traders! GBPUSD short term forecast follow up and update is here. On August 20th I shared this “GBPUSD Short Term Forecast” in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea:
GBPUSD H1(1 Hour) Chart Current Scenario
Based on the above-mentioned analysis my short term view was bearish here and I expecting the price to move lower further after pullbacks. The pullback that we were looking for happened in the form of double wave to the upside. This pullback went a bit deeper than we would wish, but the price didn’t break above the high at 1.32665 where the bearish trend pattern started and was holding below it and there were no contradictory signs supporting the bullish view. The price then pushed lower as expected and delivered around 200 pips move before it was blocked by a bullish divergence.
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
For similar trade ideas and much more join the Traders Academy Club and get access to our complete watch list and trade report.
This is how the report looks like. A table with the hottest market opportunities, screenshot behind every pair and time frame (anything that is in blue inside the table is clickable and leads to a screenshot) + a summary in text format, kind of highlights. And of course, Live Market Analysis every single day.
If you have any further questions, don’t hesitate to drop a comment below!
To your success,
Vladimir Ribakov
Certified Financial Technician
