GBP/USD 13.07.2016
H4 chart.
Downtrend and correction of the last downward movement up to 23,6 Fibonacci.
Price at horizontal and diagonal resistances.
Break of upward flag formation.
Price action: hanging man and bearish engulfing at levels of resistance
Technical indicators:
DeM(14) - reverse downwards in overbought zone
Entry: 1,3284
SL: 1,3390
Sentiment: Despite the Theresa May election for a prime minister and push back for the political uncertainty, we expect BoE to cut rates on Thursday which will lead to pound devaluation.
Alternative scenario: If price goes above 1,3350 this will signal us for possible long positions.
Jr. Trader Nikolay Georgiev
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