GBPUSD | Perspective for the new week | Follow-up

A follow-up video to the previous analysis on the GBPUSD where we scooped over 400 pips profit (see link below for reference purposes).
The US dollar continues to plunge since the beginning of the year as fear of recession mounts. To further mount pressure on the Greenback is the data from the U.S. retail sales which fell by the most in a year in December and manufacturing output recorded its biggest drop in nearly two years, stoking fears that the world's largest economy is headed for a recession. In this regard, this video shed a technical light on the current market structure where the identification of flat channel around the 1.24000 and 1.23350 will serve as a yardstick for trading activities for the new week.

Disclaimer:
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:

The week has started on a bullish note as price action breaks out of the key level identified in the video at the $1.24000 level. However, rejection of the $1.24450 level allows a transition into a channel. So, we shall remain patient for a signal in the form of either a breakout or breakdown of the channel.

Good morning

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Just as discussed during our live session this morning; secure sell position

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Bearish trendline identified to guide trading activities

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Despite been taking out of the sell position with a small profit, we shall continue to look out for selling opportunities below the 1.24000 level using the newly identified trendline as a yardstick for trading activities for today. Update coming up soon

Good morning

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Simple set-up identified in the 15 minutes timeframe as buying pressure is observed above the 1.240000 level on lower timeframes.

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Secure sell position as selling pressure resurfaces

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Secure sell position

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Just as discussed during the live session this morning, another position is triggered at the breakdown of the channel we identified on the 15 minutes timeframe. Secure all sell positions

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Taken out of the newest sell position as volatility resumes across all the USD pairs. Still have an order below 1.22850... Let's see how this candle closes.

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So, the price is within the sell window identified in the previous update and we have been witnessing selling pressure from this zone in the last 6 hours. It is likely that the price might climb up a little before a reversal pattern transitions into the second wave of a potential bearish momentum. l.22350 level

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15 minute outlook

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Secure sell position.

Good morning

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Price action takes out all sell positions at break even and with a breakout/retest of 1.22350; we shall look out for buy opportunities. Seethe replay of our morning live session on my channel for more insight on ho to manage this trade.

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Secure all buy positions as the second position was triggered at the breakout of the 1.23650 level.

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UPDATE: Secure all positions

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Secure all buy positions as selling pressure resumes around the 1.24000 zone

Good morning

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As selling pressure continues around the 1.24000 level, we shall be finding sell position below this level and a further breakdown of the trendline will welcome additional position

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In anticipation of the macroeconomic events coming up in an hour (Durable Goods Orders, Gross Domestic Product Annualized & Nondefense Capital Goods Orders) - A new set-up was identified; Looking for selling opportunities below the 1.23850 level as selling pressure resumes. Ensure that the existing buy positions are secured; Watch the replay of our live session for more details.

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Secure sell positions

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So, price action takes out the sell positions with a small profit as the price comes back to retest the bullish trendline at exactly 1.24000 - an area that has been a strong selling niche for participants in this market. We shall wait for this current candle to close and if selling pressure resumes below the 1.24000 level, we shall lookout for selling opportunities to join a decline. However, if a breakout/retest of the 1.24000 level happens, we plan to buy the GBP. Update coming up soon

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A flat channel is identified above the key level at the 1.24000 level on the 15 minutes frame as we wait out for the signal to join the potential momentum from this juncture.

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BUy position triggered at the breakout of the $1.24070 level

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Secure the current buy position as we keep the option of a sudden breakdown/retest of the 1.24000 level open for selling opportunities.

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After being taken out of the buy position, price action breakdown the 1.24000 level to trigger the current sell position; secure all sell positions

Good morning

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