Just giving a quick analysis on one of the AIM-listed stocks on the LSE (London/UK). As you can see, there is a clear cup and handle forming on the daily chart, and it is an incredibly clean example in reference to what you would technically find in a text book. The resistance is at 115p, and this week it has seen a breach above next to the 120p...
As long as the price is above the support 0.88600 it is very possible to see the continuation of the bullish move.
BUT, if the price goes down below this line, then it is better to get ready for sell trades.
Well that's what I think.
GBPAUD was bullish last week. I assume it will be bullish during the next week too.
The uptrend perhaps continues to the resistance 1.84500 (first target)
and if it can pass it, it may reach the line 1.92750 (second target)
Merry Christmas everyone.
If GBPAUD remains above 1.875 on the Daily then ignore the previous markups as they will be invalid. If it breaks 1.875 then more than likely it will be heading to 1.9000. Then I'll be eyeing up a short setup.
The British pound continues to trade towards the key 1.3300 resistance level against the US dollar, after another bullish weekly price-close. The British pound is also receiving a boost from UK Prime Minister Theresa May’s plans for a soft Brexit deal were revealed over the weekend. GBPUSD bulls will now need to hold price above the 1.3300 level for further upside...
I am looking that GBPUSD is on a strong downtrend but it is trying to re-test the highs of the channel. It is making a nice rebound from the lower part of the Bollinger band so if it breaks the channel, we may see a long uptrend.
Let's see, I am adding a SHORT if it fails to break the channel but most likely scenario will be it will go up.