After the last selloff in October`16 we`re in an intact upside trend in GBPUSD right here right now ...
The trendline runs netween 1.2450 & 1.2500 this week (50th week `16). Prices above confirms only the upside trend!
Basic price action should be next 5 days in this trading box !?
1.2674 was monthly high last november`16
1.2505 was this month...
After a successful double bottom and F retracement of 38.2
Price will be retracing to 61.8 of the second leg
We will be waiting for a price action @1.2605 where a long setup will be available to enter
With a TP1 of 85 pips and TP2 of 118 pips
That's a nice one if completed :P
Good luck
The MAIN area we want to see is a BREAK/CLOSURE over the zone. If it does break... hope for a new Lower High and expect a change in the trend to the upside!
GBPUSD is currently showing some bullish potential however it is not completely out of the woods yet. There are setups on both the long and short side with this pair where I will be waiting for levels to be taken out to show a clearer trade either side.
LONG: Market has just popped its head above a descending channel after rejecting the 61.8 fib of the upward...
as we can see at October 18 this pair break up channel down pattern, and create a new pattern.
With smaller timeline, we can see a new channel down almost end. If this small channel break, bullish setup at :
opening : 1.2232
Stop loss : 1.2168 (64 pips)
Take profit at : 1.2378 (146 pips)
R/r ratio : 2.33
Gbpusd usd Trading at 1.2895 level where its historical low is around 1.2775 level.
We can see jump from cmp or from 1.2810 area
So we advice buy gbpusd cmp 1.2895 next pending 1.2810 both sl 1.2720 where tp1 1.35 and tp2 1.38
