GBPUSD | Perspective for the new week | Follow-up

The US Dollar negated the bullish attempt at the beginning of the week and moved over 300pips its favor after positive consumer price index data on Tuesday. Though it edged lower during the latter part of last week's trading session hereby handing back some of the previous session’s gains after better-than-expected U.S. retail sales pointed to more interest rate hikes by the Federal Reserve to close the week at 1.20500. From a technical standpoint, the inability of the bears to break down the strong demand zone at the 1.19500 level questions the strength of the existing bearish momentum.

00:30 Reference to last week's daily commentaries and results
03:15 GBPUSD Technical analysis on Daily chart
08:20 Highlight of Macroeconomic event for the week
09:55 GBPUSD Technical analysis on 4H Timeframe
12:25 Conclusion on next week's expectation for GBPUSD

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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:

We do have a simple set-up between the 1.20450 and 1.20150 range as we remain patient for either a breakout or breakdown of this structure for trading opportunities. Update coming up soon.

Good morning

Trade active:

Observance of the Presidents' Day holiday in the US appears to have affected liquidity in the market as the appearance of a consolidation phase becomes noticeable

Trade active:

Selling pressure resumes as breakdown of structure happens to trigger sell position

Good morning

Trade active:

Secure all sell positions

Trade active:

Following a positive S&P Global/CIPS Services PMI, price action takes out the sell position to trigger the buy-stop order at the 1.20450 level. Secure the current buy position

Trade active:

Secure all the buy positions as selling pressure resumes. So, if the selling pressure continues, a breakdown/retest of the 1.21000 level has a high chance of inciting a sell-off. Update coming soon

Trade active:

The bearish expectation is negated as price action breaks out the 1.21000 level for the second time today.

Trade active:

Outlook on 15 minutes timeframe

Comment:

Markets remain cautious ahead of FOMC minutes (tomorrow) hence the need to be risk averted with our positions. Best of Luck

Trade active:

Buy position secured as price action remain choppy ahead of the FOMC minute today.

Good morning

Trade active:

Secure the sell position as price action trigger sell order @ 1.21000 level

Trade active:

Price action takes out the sell position as price action comes back to the entry point. Sell-stop orders remain below the 1.21000 level. However, a breakout/retest of the bearish trendline will incite buying opportunities. Update coming soon

Trade active:

Secure sell position

Trade active:

Secure sell position as another position gets triggered

Trade active:

Secure all sell positions as we are still within the ambit of the bearish trendline and the anticipation of the US GDP data today might become evident on the chart soon. Update coming up soon

Good morning

Trade active:

Selling pressure continues ahead of the publication of GDP coming up in an hour; secure all sell positions

Trade active:

In anticipation of the GDP - Secure all sell positions as buying pressure resumes above the 1.20300 level. Remember, the bearish trendline remains a structure that will be guiding trading activities. Breakout/retest of both the trendline and 1.20500 will welcome buying opportunities and if price action remains below these structures, the selling bias will remain valid.

Trade active:

Despite a lower-than-expected data of 2.7% (variance of -1.71), the immediate reaction has incited a selling pressure below the 1.20500 level. So a breakdown/retest of the 1.20300 level will welcome an additional sell position. Update coming up soon.

Trade active:

With the continued buying pressure in the last couple of hours, a breakout/retest of both the bearish trendline and 1.20500 will negate bearish bias and welcome buying opportunities.

Trade active:

Secure sell positions

Trade active:

Secure sell positions

Trade active:

Selling pressure continues as trading continues within the ambit of the bearish trendline. Secure all positions

Good morning

Trade active:

UPDATE

Watch the replay of our live session on this instrument on my video channel for detail on how to manage this trade

Trade active:

Fifth position is triggered as price action breaks down the 1.20000 level; secure all positions

Trade active:

Secure all sell positions

Trade closed: target reached:

Approximately 500pips in profit (5 positions) as price action hits TP target at 1.19300. Now, it depends on how the price reacts to the 1.19300 level which will determine if we are going to be selling again or buying. Update coming soon