GBPUSD | Perspective for the new week | Follow-up

The GBPUSD traded in a relatively tight range during the course of last week's trading session as participants digest economic data and try to parse speeches from a series of Fed policymakers for clues of the likely future pace of the Federal Reserve's rate hikes. In this video, we looked at the current market structure from a technical standpoint and identified potential trading set-up ahead of the new week.

00:38 Reference to last week's daily commentaries and results
04:00 GBPUSD Technical analysis on Daily chart
06:55 Highlight of Macroeconomic event for the week
07:51 GBPUSD Technical analysis on 4H Timeframe
09:50 Conclusion on next week's expectation for GBPUSD

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Trade active:

Price action is caught within a consolidation phase around the support trendline of the "ascending channel identified in the video. So, we have a yardsticl for trading opportunities at either a breakout or breakdown and retest of the channel.

Good morning

Trade active:

Secure the current buy position as we look forward to adding more positions

Trade active:

Secure buy position as selling pressure resumes below the 1.21000 level

Trade active:

Second position is triggered as price action breaks out of the 1.21000 Level; secure all positions now.

Trade active:

Trade active:

Secure all the buy positions as the third position was triggered at the break out of the $1.21300 Level

Trade active:

Secure all buy positions as price action continues to find higher highs

Good morning

Trade active:

As seeling pressure resumes below the 1.21500 area, a breakdown/retest of the 1.21300 level might incite a selling opportunity.

Trade closed: target reached:

TP target hit on all 4 positions with over 250 pips in profit. How price action reacts to the 1.21950 level will determine if we are buying or selling. Breakout/retest welcomes buying opportunities and selling pressure below this level on a lower timeframe will welcome selling opportunities. Update coming up soon

Trade active:

Secure position as price action breaks 1.21950 Level

Trade active:

Price action takes out the buy position and following the volatility that grips the market after the CPI event, we need to allow an equilibrium. Considering the sharp rejection of the 1.22500 level by the sellers, looking forward to a selling opportunity below the 1.21950 level. However, a breakout/retest of the 1.22500 level will welcome buying opportunities. Update coming up soon

Trade active:

Secure the current sell position as we look forward to more opportunities if price breaks down the 1.21500 level. Remember that the option of a breakout/retest of 1.25500 is still open

Trade active:

Secure all sell positions as the second position was triggered at the breakdown of the 1.21500. We anticipate another position at the breakdown/retest of the 1.21000 level

Good morning

Trade active:

Secure all sell positions as we have 3 positions running inprofit

Trade active:

Secure all sell positions as the fourth position was triggered at the breakdown of the 1.20500 level

Trade closed: target reached:

Price action hits the TP target at the 1.20000 level with 490 pips profit from all 4 positions. More opportunities to sell will happen at the breakdown/retest of the $1.20000 level.

Trade active:

After hitting the TP target, we have witnessed buy pressure around the 1.20000 level in the last 4 hours and this could probably evolve into a retracement before the second wave of bearish momentum. The chart illustrates the expectations from this current structure

Comment:

We continue to monitor price action as price action appears to be caught within a retracement phase. Still looking out for selling opportunities.

Good morning

Trade active:

Selling pressure continues (watch replay of our live session this morning on my channel)

Trade active:

Three positions running in profit as price action breaks down the structures projected earlier; secure all positions now

Trade active:

UPDATE

Trade active:

Four positions now running in profit; secure all sell positions now

Good morning

Trade active:

Secure sell positions as buy pressure resumes