The GBPUSD put in a massive fakey reversal Setup today between the strong resistance of 1.5900-1.6000. Note the fake break that occurred by 1.5900 and up one candle of mother of Tuesday.
Keep in mind this is a configuration of counter-trend and lately, given the significant weakness of the dollar across the Board, it is recommended not to anyone who buys the dollar at this point.We wanted to simply display looks like a solid formation fakey to see what price does from here. This really could go either way because it is counter-trend, and as you know we rarely take positions counter-trend.
Fakey installations of this size sometimes experience retracements, to learn more about setting fakey click here: installing Fakey Forex
To learn more about how exactly I Trade forex fakey setup check out my forex trading course.
Comment:
The dollar was mixed today, beating the pound, Swiss franc, Australian dollar and New Zealand dollar, but losing ground modest Canadian dollars, euro and Japanese yen.
The GBPUSD formed a massive installation fakey downwards and we are seeing signs of counter-trend can setting move up in some of the other major currency pairs as well.
The Dow was down 47.23 points or 0.44%, S & P 500 fell 3.53 points or 0.31% and the Nasdaq lost points 7.94 or 0.33%.
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