Forex Trade Setup Nov. 18th
GBPUSD – Not impressing
After the strong sell-off in the GBPUSD, the pair has started to recover a little bit but the climb is not impressive.
Since its temp. bottom happened around 1.5850, the pair has been flailing along being bought up for 4hrs, then sold off, then bought up, then sold off. Although its climbing, its not doing so in an aggressive or impulsive fashion. This suggests lack of confidence and strong money behind the bounce which we feel will fail. Where?
At the 20ema which has already rejected price 1x and we feel will hold the upside barring any major news which should hurt the USD.
Here is another look at 1hr time frame which shows a relative flag pattern but also how un-impressive the buying is. We feel this will be faded and any major rallies will be sold pushing the pair back to 1.5850 and below likely going after the 1.5650 double bottom from Oct. 19th and 22nd.
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