GBPUSD | Perspective for the new week | Follow-up

GBPUSD price moved 0.45% higher hereby closing the previous week at the 1.26550 zone, hitting a new one-year high amidst the Bank of England battle with inflation. Consumer price inflation in the UK came in at 10.1% - five times the BOE’s mandate. The incoming week is laced with a handful of high-impact economic events from both the UK and US economic docket to trigger market influx either way. The BOE is generally expected to increase rates a quarter point to 4.5% this week and how the market is anticipating these was closely looked at in this video from a technical standpoint.

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Comment:

The new week has started on a bullish note with a support line at the 1.26250 level. A breakout/retest of the 1.26550 level shall welcome buying opportunities

Good morning

Trade active:

Buy position triggered

Trade closed manually:

Position taken out as selling pressure resumes

Trade active:

Sell position triggered at the breakdown of the 1.26250 as projected. Time to secure sell position as price action oscillates along the trendline. Remember what we said about the trendline during our live session;
i. a breakdown/retest welcomes more sell positions and
ii. buying pressure above or around the trendline will welcome buying opportunities

Trade active:

Sell pressure continues as retest of trendline finally happens

Good MOrning

Trade active:

Secure sell position as trendline guides trading activities today

Trade closed manually:

Sell position taken out with a small profit as we return to the status quo

Comment:

Buying pressure increases

Trade active:

Buy position triggered as Price action brekout/retest the trendline but a finalbreakout/retest of the new structure of the 1.23650 level will be a significant buy confirmation for this structure.

Good Morning

Trade closed: stop reached:

Stop-loss on buy position hit as selling pressure resume; waiting for confirmation for any bearish move at this juncture

Trade active:

The market returns to normalcy after volatile activity following the CPI data yesterday. Selling pressure resumes hereby triggering sell stop order at the 1.26080 level; secure position as we look out for more opportunities ahead of the interest rate decision from the UK economic data.

Trade closed manually:

Price action takes out the sell position as buying pressure resumes. BoE Interest decision just came in just as expected at a 25bps rate hike; we could see some volatility anytime soon. I will rather remain patient for any of these structures to be broken and confirmed on the lower time frame to join any move at this juncture.

Trade active:

Secure sell position as price action approaches TP target level at 1.25000.

Trade closed: target reached:

TP target hit with a total of 160 pips in profit. Selling pressure continues, so we look forward to more selling opportunities at the breakdown/retest of the 1.25000 Level.