GBPUSD Short Term Forecast Update And Follow Up

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.

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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.

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If you have any further questions, don’t hesitate to drop a comment below!

To your success,

Vladimir Ribakov
Certified Financial Technician

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.