Potential cup and handle pattern on the 1-hour chart (For GBP/USD). Also a likely breakthrough on the 1.250-1.252 resistance level of risk-on optimism continues globally and USD weakness continues.
Note: My analysis is NOT professional investment advice, so please take responsibility for your own actions.
We've had a bounce at the 119.50 level and a convincing move to the upside on the daily chart which coincides with the highs from late March before the COVID move south. Open longs once 121 level broken (in line with the green elipse) for profits north of 200 pips up to previous highs of 123.90. Be wary of negative news from EU around upsurges in COVID-19 cases...
We have seen ZAR very weak recently due to heavy RISK OFF and some weak zar data.
I'm anticipating a RISK ON week which will see ZAR gain some strength, we, have weak PMI data during this week which will give us our prime level to sell
I have 3 TP's set for this trade
TP 1 - 15.17456
TP 2 - 15.02576
TP 3 - 14.64768