Hi Traders!
There is a symmetrical triangle formation here on the GBPUSD 1D chart, and we are awaiting a breakout on either side.
There is strong resistance at the 1.26800 level; there must be a break and close above this level for a possible continuation to 1.27000.
To the downside, we have strong support at the 1.22746 level, and we must break below this...
The U.S. dollar rose against the Pound Sterling on Friday and was on track for its biggest weekly gain since February despite concern about the U.S. debt ceiling and monetary policy. The aftermath of the consumer sentiment data is rippling a mixed reaction across the market ahead of the new week. Participants continue to digest features from the U.K economic...
Price is currently in trend to upside for breakout area. Looking for continuation to 1.34 area to create new highs on weekly time frame. As monthly leaves major Support area and start uptrend. Economic news on Friday for EUR/GBP during London should finish the week strong for a bullish candle. Being that news is an excuse to move the market the way it should.
GBPUSD dipped on MLK day probably due to no banks in the market however, its respecting bullish fibs. ITs showing nice H4 rejection of the zone and was a H1 correction. We could now see impulsive moves higher to make new highs in the market.
Looking for either way to brake through.
I analyse it breaking down the trend line upto 1.3800 and then 1.3650 with SL 1.3970
***Its not a Decision its Idea
I've been out of action for a while but hopefully back with full force :)
We broke out from our rising wedge and now waiting for the pullback before entering a sell position and a long term target of 1.27786
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage...
Traders!
We're looking at a breakout during this consolidation period on GBPUSD.
Currently we're looking to retest the hourly support, watch for the breakout. If we bounce off the support we're looking to retest the resistance level and watch for a breakout.
Will keep everyone updated on the progression.
Please see this video for details: youtu.be
Happy Trading!
