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GBP/USD everyone is looking for good spots to sell pound before BoE meeting

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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


 Varchev Traders

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