GBPUSD | Perspective for the new week

The last year closed on a sour note for the British pound as hopes of a significant recovery during the last quarter diminished to close at the 1.21000 zone. In this video, we looked at the chart from a technical standpoint where we identified a simple structure within the 1.21000 and 1.20200 zone as price action transitioned into a reversal pattern on the 4H timeframe hereby presenting us with bullish opportunities in the new week. And as all eyes focus on the first NFP of the year coming up this week, we shall not ignore the option of a bearish move if price actions break below the 1.20200 level.

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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.
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Past performance is not necessarily indicative of future results.

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Pardon my late update as I have been on the road since morning hence missing out on that bearish move that dropped below the 1.21000 level and congrats to those who took advantage of this move.

The year has started on a bearish tone as sell pressure resumed below the 1.21000 level. Following the bearish impulsive leg, the price is caught within a tight channel between 1.20530 and 1.20450 in the last 16 hours to emphasize a level of indecision ongoing. From a technical standpoint, the current structure has a strong tendency to transition into a bearish rectangle pattern where a breakdown/retest of the 1.0450 might incite another wave of bearish momentum. However, if the price does a breakout/retest of the 1.20530 level - a bullish momentum will be considered.

Good evening

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Update on the 15 minutes timeframe

Secure buy position as price breakout/retest the resistance of the channel at the 1.20530

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Price action takes out the buy position at break even to trigger a sell position at the breakdown/retest of the 1.20450 level

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Secure all sell positions as price action breaks down the channel support at the 1.20450 level and currently running with over 100 pips in profit since the breakdown.

Good morning

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UPDATE

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Two positions now running as price action retest the 1.20200 level, secure all positions

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Participants look forward to the macroeconomic events today (FOMC Minutes and ISM Manufacturing PMI(Dec) ) and we are beginning to witness the reflection of the anticipation on the charts. A bullish trendline is identified as price action continues to find higher lows to signify the existence of bullish pressure in the last 24 hours hereby taking out the sell position(s). So, the breakout/retest of the 1.20450 level shall be our yardstick for buying opportunities today and the option of selling opportunities will resume if a breakdown/retest of the trendline happens.

Good morning

Comment:

So, with the continued sell pressure at 1.20800 in the last 11 hours and coupled with the anticipation of the FOMC releasing the minutes of the December policy meeting 30 minutes from now; there is a high chance that the British Pound will drop hereby breaking down the bullish trendline and 1.20450 area.
Please note that a breakout of 1.20800 still holds bullish opportunities.
You might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this trade

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Secure the sell position as price action breakdown/retests the 1.20450 level. We are watching out for another opportunity to sell at the breakdown/retest of the 1.20200 level.

Good morning

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QUICK UPDATE

Participants look forward to the macroeconomic event today (ADP Employment Change) which will be coming up in 20 minutes from now and we are beginning to witness the reflection of the anticipation on the charts. You might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this trade during the NY session

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Positive data for the US Dollar - ADP employment change recorded 235K as against the expectation of 150k.

In this regard, we have the second position triggered at the breakdown of the $1.20000 level. Secure all sell positions as we look forward to another opportunity to add more positions.

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Secure all sell positions

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Secure all sell positions as we anticipate NFP

Good morning

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Secure all sell positions as participants look forward to the macroeconomic event today (Nonfarm Payrolls) and we are beginning to witness the reflection of the anticipation on the charts. So, in this regard, we have identified a simple set-up in the 15 minutes timeframe for trading opportunities. You might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this trade during the NY session

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Missed out on this bullish move ad price action takes all sell positions with a small profit. We shall remain patient to watch out for how the price reacts to the zone between 1.19000 and 1.20000 for a possible bearish momentum and if buy pressure continues within this zone, we shall lookout for buy opportunities. Congrats to those who took the bullish move!

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We are on standby as any appearance of selling pressure below the 1.19000 level in the lower timeframe should prepare us for selling opportunities.

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Bearish trend line guides selling opportunities and breakout confirms bullish strength

Comment:

Congrats to everyone who has been part of this profitable journey... I am closing for the week and hoping to see you here next week.

A beautiful weekend to you!