GBPUSD | New Perspective for the week

The British Pound slipped lower in the last 10 days, handing back some of the previous session’s gains hereby dropping by 3.4% to close last week's trading session below the 1.21500 key level. With a breakdown of the $1.21500 level last week, will the decline continue? Price action is currently at a critical point as it currently trading along the bullish trendline which has been holding bullish momentum since September. So, the question this week is; Will the bullish trendline continue to hold buy pressure or will a breakdown of the trendline incite a sell-off?

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Trade active:

The week has started on a bullish tone as price action transitions into a reversal pattern in the form of a double bottom structure with the neckline broken at the 1.02750 level in the last couple of hours. So we shall watch out to see how the price reacts to both the trendline and key level at 1.21500 to decide if the bullish momentum will continue. Secure the current buy position.

Good morning

Trade active:

UPDATE

Trade active:

Secure sell position

Trade active:

Secure the sell position now as buy pressure appears. Also looking forward to adding more position at the breakdown/retest of the 1.20200

Trade active:

Secure sell position as buy pressure continues above the 1.20200 level in the last 24 hours. So, we shall be considering the possibilities of a bullish momentum at the breakout/retest of the 1.20450 level. However, if price action takes out the buy positions at 1.20200 by breaking down this structure, we shall be looking out for opportunities to add to our existing trade.

Good morning

Trade active:

Following the rejection of the 1.20550 in the last couple of hours, selling pressure below the 1.20450 on the lower time frame should welcome additional positions to our existing sell position.

Trade active:

Secure all sell positions as buy pressure resumes

Trade active:

I missed out on this bearish move at the retest of the trendline at the 1.21000 level. Congrats to those who took advantage of this move... At this point, I shall remain patient and look out for another opportunity to sell if a breakdown of the demand zone at the 1.20200 and if buy pressure resumes above the 1.20200 zone, we might likely consider a buying opportunity if the structure aligns with this bias. Let's see what happens in the next couple of hours

Trade active:

buy pressure resumes... looking forward to the breakout/retest of the 1.20450

Comment:

Buy pressure continues as we look forward to a breakout/retest of the 1.02450 level

Good morning

Trade active:

Secure the buy position as we look forward to adding another position at the breakout/retest of the 1.20750 level.

Trade active:

Secure the buy position and there are two levels that will guide our trading activities for today - The 1.20750 and 1.20450 as the breakout of these price levels will guide the momentum for today.

Good morning