Although I will not be trading it due to my account size not being able to cover the Daily Stop Loss, the pattern has confirmed. I would expect price to retest the right shoulder low before driving up beyond the neckline. Please leave a comment if you see a reason why it would not be valid.
Wait for a reversal pattern to form in the Buy range 1or 2, Looking to target 1.30000 & 1.32000. We can see 1.28000 area is supported ed by the 50% fib, over the week we can see the dollar getting softer that help this pair gain bullish momentum. Due to the Brexit deadline approaching we can see a lot of noise in GBP pairs as headline appear.
Looking for GBPUSD to retrace a little bit longer. It was well over due after a 250 pip daily close, last time GBPUSD even got close to that was back in January. Either a serious momentum shift or a planned stop run on all long term short sellers of cable. You never know unless we see continuation. I have noted key areas of value on Gu and will be looking for buys...
GBPUSD potential LONG.
BREXIT summit next week (Wed-Thurs) Potential fake out out of TL into protective support on previous highs. It is not valid unless we see buying in this area, if we dont see buying in this area. its invalid. Purely an idea. We will see!
GBPUSD has took a small hit today and I'm projecting the bullish momentum to continue now, with 2 strong daily closes above the 1.3 level, I am seeing clean protection of this level and DXY had a good chance of making new highs on Thursday and failed again, forming a triple bottom.
Fundamentally Brexit headlines are emerging each and every day and it looks like...
On June 28, gbpusd attempted to attack MPP (S1) 1.30760 and YPP (P) 1.30508 last month and pushed back cleanly.
It is currently stopped at MPP (P) 1.32437 this month which was made in July.
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Last month's MPP
On the weekly chart, it can not be said whether the up trend of last year is breathing back or aiming at...
uncertainty will flood GBP because of brexit negotiations, a break of the bearish trend would be very bullish so SL above last high, final target will be the white trend line connecting the recent lows which i believe needs to be retested.
1D MACD Crossover looks very strong i would prefer high RSI but it is trading in a pretty low range compared to history so i...
The chances of it breaking through on the downside or the upside is pretty high. If it breaks through the trend lines (Purple & Orange) expect it a rally in either side. Keep a good look on it to avoid any fake breakouts so keep your SL tight.