Price broke out of Key level @ $1.32850 to negate my previous speculation (see link below for reference purposes) to find new highs. The GBPUSD had a negative start to the trading session on Friday, doing a correction into the $1.34800 level. I am seeing this level as a temporary Demand zone that might be a good sign that an uptrend continuation is in the air!
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand
Observation: i. Breakout of $1.34500 on Wednesday followed by a retest of this level points at a rally in the following week(s).
ii. As my expectations of a rally grows, patience is hereby required at this juncture as it is possible that price is still going through a corrective phase which might settle further into major Demand level @ $1.33500/1.33000.
iii. In this regard, the Bullish trendline shall be my yardstick for entry in the coming week as a Breakdown of this line shall put all buying intentions on hold for an appropriate window to go long.
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:5
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, 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.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand
Observation: i. Breakout of $1.34500 on Wednesday followed by a retest of this level points at a rally in the following week(s).
ii. As my expectations of a rally grows, patience is hereby required at this juncture as it is possible that price is still going through a corrective phase which might settle further into major Demand level @ $1.33500/1.33000.
iii. In this regard, the Bullish trendline shall be my yardstick for entry in the coming week as a Breakdown of this line shall put all buying intentions on hold for an appropriate window to go long.
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:5
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, 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 smart. Trade consciously
