GBPUSD Retracement then long for 150 pips

OANDA:GBPUSD   British Pound / U.S. Dollar

Anticipating a minor retracement to form the right shoulder of the inverse continuation follower by a counter trend line break pushing price to the 1.33000 level. 100 MA is acting as dynamic resistance on the 2H timeframe. There's also a bullish engulfing on the daily time Frame insinuating that there may be further up side during the upcoming week. A list of confluences to support this analysis can be found below.

- Right shoulder of inverse head and shoulder forming
- 100 MA acting as dynamic resistance on the 2H TimeFrame
- Bullish engulfing on D1 Timeframe (CTL likely to be broken)
- Bullish engulfing formation also on the weekly Timeframe followed by a sharp rejection to the upside
- Market is in an overall uptrend
- MA crossing on 2H Time Frame


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out