Our way of thinking: GBP/USD

19.08.2015 / 09:44

Rating:

GBP / USD: wide consolidation between 1.545 - 1.5689, I have no reason to believe that the trend will change.

Stoch went below 70 indicating a possible new downtrend.

Shooting star, bar, which goes over consolidation but did not manage to close above 1.5689. This bar formed of resistance levels also increases the likelihood of a new downtrend momentum. After the pin bar followed a strong bearish bar devouring the body of the pin bar, which is also negative formation for a probable descend.

Price adjusted after giving negative signals giving good places for new short around the upper arm of consolidation after the negative signals of price action analysis and after correction, good risk / profit and stop 1.5723.

Sentiment remains for a stronger dollar, despite the stronger data yesterday from the UK, expectations are Fed to raise rates much sooner than ACB.

Stefan D. Angelov - Head of Stocks Trading

Varchev Traders

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Our way of thinking: GBP/USD

London

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