Selling England by the Pound

3 November, 2016

GBP/USD

The time has come to have a closer look at the British Pound. Looking at the daily chart we can see that we are touching the descending channel.

Taking a look at the 4-hour chart, we can see that the rate is also touching the upper boundary of the range forming adoji right after the white candle. Here we might as well take a risk and sell the Sterling at the current price (1.2315).

We can hide the stop order beyond the level 1.2355, as it is wise to place a profit order at the opposite boundary of the flat (Take Profit 1). If range gets broken then Take Profit 2 should be the option to go with.

XAU/USD

As the wheels of the NFP Machine are spinning then let´s take a closer look at Gold.

Gold is about to approach the broken ascending channel of the daily chart and at the horizontal level 1310.50. We should get ready to sell the pair while waiting for the candlestick patterns to form.


Source  
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