-> The market has been moving in a descending channel for a while in the daily TF, to which since February to March has moved from the resistance zone to the support zone, to which it has impulsively bounced from it.
-> With that said, the price broke out from the 4H descending triangle and formed an ascending type of channel to which broke upwards indicating further upside for the GBP, even though after that BO the price made a huge candle to the downside due to the interest rate hike, I am expecting further bullish momentum since the market formed a triangle on the 1H TF, and on the 15min TF the market is currently forming a continuation pattern, to which I have a setup there for trade, forecasting that the market is going to continue its bullish movement to the resistance zone of the daily TF structure.
Be aware that from Monday to Thursday is going to be a lot of volatility, due to the Ukraine-Russia conflict + ECB, FED, and BOE talks + CHF monetary policy release... They all influence USD in some sort which consequently will influence the rest of the currency pairs related to USD. So manage your trades properly, especially at these times of uncertainty.
-> With that said, the price broke out from the 4H descending triangle and formed an ascending type of channel to which broke upwards indicating further upside for the GBP, even though after that BO the price made a huge candle to the downside due to the interest rate hike, I am expecting further bullish momentum since the market formed a triangle on the 1H TF, and on the 15min TF the market is currently forming a continuation pattern, to which I have a setup there for trade, forecasting that the market is going to continue its bullish movement to the resistance zone of the daily TF structure.
Be aware that from Monday to Thursday is going to be a lot of volatility, due to the Ukraine-Russia conflict + ECB, FED, and BOE talks + CHF monetary policy release... They all influence USD in some sort which consequently will influence the rest of the currency pairs related to USD. So manage your trades properly, especially at these times of uncertainty.