GBP/USD - My Outlook This week (next few weeks)
Hi Traders,
GBP/USD still holding at the 1.3670 Support.
Overall the trendline from the May 2020 lows is still intact which is telling me there is yet another push to the upside coming.
As you can see, it has created a channel to the downside so I will be waiting for the bottom of the channel to be touched or support to hold.
Again, the 1.40 barrier and major psychological level (as stated by Bank of England) should be tested again. If you look back to Jan/Feb/Mar 2018 price came up to 1.42 then retreated back to 1.37 and then retested the highs gaining to a further 1.43, and in text book terms a double top was created. I found over the years if cable has done something once then 80 % of the time it will do it again.
I do remain Bullish, yet i think waiting a few more days just to see whether price holds at support or makes a clean move up would be the most sensible thing to do. Also please remember as Traders we are paid to wait...
Have a great Week xox
GBP/USD still holding at the 1.3670 Support.
Overall the trendline from the May 2020 lows is still intact which is telling me there is yet another push to the upside coming.
As you can see, it has created a channel to the downside so I will be waiting for the bottom of the channel to be touched or support to hold.
Again, the 1.40 barrier and major psychological level (as stated by Bank of England) should be tested again. If you look back to Jan/Feb/Mar 2018 price came up to 1.42 then retreated back to 1.37 and then retested the highs gaining to a further 1.43, and in text book terms a double top was created. I found over the years if cable has done something once then 80 % of the time it will do it again.
I do remain Bullish, yet i think waiting a few more days just to see whether price holds at support or makes a clean move up would be the most sensible thing to do. Also please remember as Traders we are paid to wait...
Have a great Week xox