GBPUSD(DAILY): ANTICIPATING UPTREND
Overview:
It appears that the long-awaited Bulls for the GBP to get back to her past glory has finally come. Presently, price appears to have culminated its retracement (fib 0.618) at the major support @ 1.28070 which also confirms completion of a double bottom formation on the Monthly chart. The culmination of the retracement here can also be emphasized with the present bounce off the downward range ABCD with an engulfing candle (and support on 1.28780).
Fib extension from QRS projects a maximum TP @ 1.37150 (FIB Ext. 1.272).
In view of this, we anticipate a potential upward range formation depicted with the channel WXYZ (green) on the chart.
Signal/Entry confirmation:
A confirmation of the uptrend can also be emphasized if price breaks the resistance of the hidden range EFGH @ 1.29990 (a significant resistance which has been holding the range since July '18)
Speculation:
Potential TP @ 1.37150 (880pips) and SL @ 1.2600 (240pips)
It appears that the long-awaited Bulls for the GBP to get back to her past glory has finally come. Presently, price appears to have culminated its retracement (fib 0.618) at the major support @ 1.28070 which also confirms completion of a double bottom formation on the Monthly chart. The culmination of the retracement here can also be emphasized with the present bounce off the downward range ABCD with an engulfing candle (and support on 1.28780).
Fib extension from QRS projects a maximum TP @ 1.37150 (FIB Ext. 1.272).
In view of this, we anticipate a potential upward range formation depicted with the channel WXYZ (green) on the chart.
Signal/Entry confirmation:
A confirmation of the uptrend can also be emphasized if price breaks the resistance of the hidden range EFGH @ 1.29990 (a significant resistance which has been holding the range since July '18)
Speculation:
Potential TP @ 1.37150 (880pips) and SL @ 1.2600 (240pips)
Comment:
I meant Fib Ext. from RS (please disregard the Q)
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