ZS1

GBPUSD - Huge move ahead?

Long
FX:GBPUSD   British Pound / U.S. Dollar
What you're looking at is the multi year downtrend channel that GU has been trading in. The weekly candles from the past 3 weeks are indicating that price is hesitant to drop. A quick glance at the DXY and you can see it is in free-fall. If you zoom in to what GU is doing at the moment on the hourly, you can see it consolidating, just below the upper trend line . To me, that is a bullish sign. With it being a multi year channel, once it breaks, I would expect huge momentum to the upside. All eye's on the $ this week.

Comments

nice clean analysis🙌 but personally after the forecasted recession following the UKs GDP report of a 20% decrease in the economy last week, I think we should look at a pretty major pullback before continuing long.
+1 Reply
Agree it's all about the dollar, Cable to gain on general dollar weakness or could pull back hard on any sign of dollar strength. Possible H & S formation on the daily chart with poor definition on the RHS shoulder suggesting it could go either way.
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