August 18th – GU

18 - GU

GBP is possibly starting a Daily reversal. It’s been oversold for way too long and no one wants to sell further at these prices. However, right now it is finishing its bullish cycle on H4. I want to see the price action in the coming bearish cycle, and if bears will show weakness, GBP will be probably the best currency to buy at the moment.

USD is the strongest bearish currency today, but it does not look just as convincing. There is definitely pressure building up, as many pairs face significant support. However, it is finishing its bearish cycle on Daily (with relatively weak bearish price action) and also on H4. UN and UJ look like great trading pairs to buy for the mid term.

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