As we can see price took a massive nosedive in the past and has tested the highlighted resistance level several times before dropping below it.
I can see there is a setup coming to go long and get a fair few pips!.. Once price breaks out of resistance I think its safe to go LONG and hold the position until it shoots back up to its old highs.
Looking to BUY GBPUSD in BUY AREA, targeting TP AREAS. (30+ PIPS)
1. Enter on signs of reversal, price action
2. Do not enter if price breaks through buy area with strong bearish momentum
Looking to target price area 1.282 (110 PIPS) if bullish momentum strong
My specialist indicator was giving a 3 star BUY trade this morning. We have a clear break of resistance (green trend line) as the price pushes through on an ascending triangle to higher ground.
First obvious target is WR1 resistance at 1.2580.
Looks a good thing this with Dollar Index under 100 and a fair bit of GBP strength about.
Oh boy oh boy!
GBPUSD has been making us some serious profits on the buying side for the last 2 weeks... and yet again, another pattern emerges but this time an even more powerful one that the rest! A CUP AND HANDLE PATTERN! (Bullish!)
We are long again here and might even increase our TP but we are sure to compound this treade!
So the GBPUSD is really showing excellent signs of a bullish reversal on all charts including the 1D, 4H and 1H... Im riding this baby up and expect TP later today.
The DXY is showing good weakness which supports my view of a weakner USD this trading week.
I will follow up with a video explaining all of this so make sure you follow me!
RSI is at it's lows on...
My BIAS for GBP/USD for the upcoming week is BUY.
My reasons behind this are
1. Price has just broken above our Daily Resistance.
2.Price has retested our Daily Resistance and bounced straight back up sitting currently just above the previous high made on the 4HR TF.
What I will be looking for before entering this trade.
- A retest of previous highs at 1.22500
We have lots of factors going on here, after a rally in one direction (down) especially a sharp one like we've seen this week we would expect a return rally...
Confluence of support and weekly trend line makes this a great area for a trade, we have divergence on the RSI and increased volume through the ATR...
I've taken one risky trade as it gave me a 10:1 which...