Trading Plan for GBP/USD for July 27, 2018 888011000 110888 Technical outlook: The GBP/USD set might be into its last leg lower as EUR/USD, prior to producing a meaningful counter-trend rally for the remaining of months. Please keep in mind that the pair has actually been dropping since mid of April 2018 and appears really near finishing its first major down relocation. Taking a look at the wave structure, the pair may be carving out a diagonal and into its Fifth wave lower, before reversing sharply. If the above structure would hold, we need to see prices dropping listed below 1.2950 levels or close to that. Thereafter, we can anticipate the years largest counter-trend rally which could last for several weeks to come. Immediate resistance is seen around 1.3200 levels, followed by 1.3300 levels, while interim support is seen at 1.2969 levels respectively. Anticipate intraday rallies to be topped below 1.3200 levels though.Trading plan:Stay short and include more onintraday rallies, stop above 1.3200, target 1.2950.Essential outlook: Keep an eye out for United States GDP figures to be out today at 0830 AM EST.Good luck!The material has actually been supplied by InstaForex

By | July 27, 2018

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