GBPUSD | Perspective for the new week

The U.S. dollar plunged as the Pound sterling graduated to near one-week highs which appears to be a result of the intervention by the Bank of England and announcing emergency bond buying. Despite a solid bearish momentum which has characterized this market since the beginning of the year, I am of the opinion that we might be witnessing a temporary bullish momentum in the new week which could turn out to be a retracement of the bearish impulse leg.

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Past performance is not necessarily indicative of future results.

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Even as I expect price action to plunge into the neckline identified in the video at the $1.09000 zone but since the beginning of the week, the price appears to be respecting the bullish trendline leading to the break out of structure at $1.11750 to set the tone of a trend continuation. So, in the meantime I will be using the $1.11750 level to guide any bullish opprotunity.

Good morning

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I closed the buy position after sighting a lower high and I am of the opinion that the price might break down/retest the bullish trendline to plunge into the neckline at the $1.09000 zone as projected earlier.

Breakout of 1.12300 could be bullish

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80pips in profit; moving my stop-loss

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190 pips in profit as price action continue to move as expected; moving stop loss

Good morning

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With over 190 pips running in profit, It's appropriate to secure our position at this point. It is also important to take note of how we have been witnessing selling pressure from the $1.14000 level in the last 6 hours which could evolve into a reversal pattern. However, if a breakout/retest of the $1.14000 zone happens, I want to add one position to my existing buy position.

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Stopped out with over 200pips in profit after noticing multiple rejections of the $1.15000 zone by the sellers. Now there are two scenarios that I am looking at today to join a potential trend continuation or reversal possibilities. So, the $1.14000 level is a significant level to look at at this juncture in the market. If multiple rejections of this level by the buyers is observed, then planning to buy will be an option. However, if a breakdown/retest of this level is observed, a reversal pattern leading to price plunging into the bullish trendline might be an opportunity to join the potential second wave of bullish momentum for the week.

Good morning

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UPDATE
We witnessed price action plunge in the last 12 hours as I am expecting to see a reversal pattern above or around the bullish trendline to join the potential second wave of the bullish momentum.

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Potential trend continuation pattern identified

Good morning

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I still await the bullish signal in the form of a breakout/retest of the $1.13500. However, if I witness the breakdown/retest of the bullish trendline then a momentum shift will be considered.

Good morning

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So, we finally witnessed a breakdown of the trendline to insinuate a momentum shift. Since the price hit its highest point this week at the $1.15000 zone, price action appears to have evolved into a reversal pattern as we a lower high which led to the breakdown of the neckline at $1.12500.

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All eyes remain focused on the outcome of the NFP today.
In the last 12 hours, I have monitored price movement and the price appears to be caught within a channel ($1.12000 and $1.1900) hereby resulting in a bearish rectangle pattern. I still await a signal in the form of a breakout/breakdown of this channel to make an informed decision... Update coming soon.

Good morning

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Positive NFP result incites Dollar strength; moving stop-loss

Comment:

130pips in profit from this position and a total of 330pips in total for the week(bullish position on Monday).

Happy weekend