GBPUSD Week 5 Analysis #1

SO! GBPUSD decided to just drop a whole 200 pips on a Monday. No big deal....

But on a more serious note. GU has just been consolidating in between these two weekly support and resistance's since the ending of last year. If price is gonna continue to just consolidate, then i would expect to buy GBP pairs BUT i am currently bearish on this pair for one thing, daily engulfing bearish candle. After brexit news through the weekend, GBP pairs just dropped like crazy. Gonna wanna see what happens until London Session later today but based off of what we have here, i am more inclined to buy GBPUSD since it is consolidating. Have alot of USD news this week so if the US dollar does go weak then GU will probably buy.

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