Categories: Forex Education

Short term sell opportunity in GBPUSD

I think GBPUSD is a great trade setup to follow during the next week. Here is my plan. In the long run I expect the Cable to continue higher and potentially duplicate the first wave well seen on the Daily chart, meaning 1.6300 – 1.6400 zone. However I believe the current correction can take us lower so we should be looking for sell opportunities in the short term before we switch to bullish mode again.
Alternatively if the pair breaks above the 1.5800 level I will focus on the buy scenarios, in other words buy dips.
To summarize – we look for sell setups in the short term as long as 1.58 holds. If and when price reaches 1.5580 zone we can start looking for buy opportunities.

Technical Analysis:

W1 – False break

H4 – Potential double wave down

Entry:

H1 – Look for double wave correction on the H1 chart. Once completed follow the up trend line and most recent support zone to be broken which should push the pair lower.
Target 1 – 1.5636
Target 2 – 1.5580
Stop Loss – above 1.5800

Video Explanation:

Yours,
Vladimir

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.