This week we are looking at some trading opportunities revolving the GBP/USD daily chart based on price pattern spotted thru the geometric trading method . As seen in the chart below, this type of formation most often signals market 'Bearishness' upon completion of it.

Good day Traders, this week we are looking at some trading opportunities revolving the GBP/USD daily chart based on price pattern spotted thru the geometric trading method . As seen in the chart below, this type of formation most often signals market ‘Bearishness’ upon completion of it.

GBPUSD

GBP/USD Daily Chart

At the moment, prices seemed to have entered the Prize Reversal Zone (PRZ) marked by the colored rectangular. The PRZ zone was also the TP for those who have sold he pound when it was at the 1.5490 area. Since prices has begun to move downwards signalling more bearishness in the trend, we are looking for more selling opportunities from below the 1.5417 area aiming at the probable areas of 1.5330 - 1.5126 level as the potential TP's. However, if you are a conservative trader, you could consider a probable re-entry for a sell at a much lower level like the 1.5310 for example while aiming at much lesser pips for profit with your TP at the 1.5230 level.

Happy Pipping !

Thank you.

Kenny Simon has been trading forex since 2006 and is now in cooperation with ORBEX. He is a trainer, trader, and coach that specialized in analyzing the market using the Geometric Trading method.