GBP/USD Look Ahead for week starting 12/01/19
The Pound-Dollar is in an Upwards Correction within a Bear Market on the weekly going back to the beginning of 2015. Price is trading above the 50 week ema trading up to the 200 week ema and a prior a of the (b)-wave top at 1.33806. For the last several weeks it has been in a sideways consolidation, albeit a lot lower than I was expecting.
The Pair is in a Bear Market Rally on the daily, with price above the 50 ema trending upwards. Expect resistance to appear at the 800 ema at 1.31803. Appears to be in a level two consolidation trading up from the longer-term W-Formation that formed down at 1.10 to 1.22. Looks like it’s getting ready for a strong extended push upwards from here up to strong resistance at 1.33806.
The Pair is in a clear-cut Bull Market with price above the 50 above the 200 above the 800 ema on the four-hour. The pair is in a level 2 consolidation and looks like it has finished the e leg of the Elliot Wave triangle it’s forming. Last week it looks like a W bottom formation was put in, followed by a couple levels of consolidation. There is a good possibility of a strong move up towards the 1.31 level this week.
This is my GBP/USD look ahead for my own trading purposes. FOREX trading involves risk. Feel free to comment, but trade off of this post at your own peril.
The Pair is in a Bear Market Rally on the daily, with price above the 50 ema trending upwards. Expect resistance to appear at the 800 ema at 1.31803. Appears to be in a level two consolidation trading up from the longer-term W-Formation that formed down at 1.10 to 1.22. Looks like it’s getting ready for a strong extended push upwards from here up to strong resistance at 1.33806.
The Pair is in a clear-cut Bull Market with price above the 50 above the 200 above the 800 ema on the four-hour. The pair is in a level 2 consolidation and looks like it has finished the e leg of the Elliot Wave triangle it’s forming. Last week it looks like a W bottom formation was put in, followed by a couple levels of consolidation. There is a good possibility of a strong move up towards the 1.31 level this week.
This is my GBP/USD look ahead for my own trading purposes. FOREX trading involves risk. Feel free to comment, but trade off of this post at your own peril.
Trade closed: target reached:
Got there a little sooner than expected. There is a lovely Evening Star pattern marking the Top. Hope you are now Short!
