Today my main focus will be GBPUSD. So far we have seen GBPUSD fall 4% in less than a month. With politics bombarding the headlines with the Prime Minister handing her notice in and officially leaving June 7th. This leaves GBP Pairs in a very awkward Place. Personally I believe that there is plenty of upside movement for this pair however I feel we need to see the politicians shit first. With Theresa May leaving it leaves many open doors to the next Prime Minister and who ever it will be will affect this pair greatly. On the 1D timeframe you can see this pair has bounced off the 1.2600 Key level with a clean bullish candle stick which is the first bullish candle closing in around 2 weeks. Price has also closed over 1.2700, If when markets open next week and we break 1.2700 to form a higher high then we can expect upside movement from here with a lot of Pips to catch however if we see price get rejected we may see it fall further and have continuous downfall. However At this moment I Believe it will go higher. Having a quick look at the 4h time frame we can see that price has drastically slowed down in momentum and is showing signs of reversal. Price has wicked 1.2600 and has seen upside movement from there. When Markets open I am hoping for a gap up above the or a break above that level to let us move SL to entry. Price May be rejected from Fib Retracement where we could potentially see downwards movement.
However I can see price varying from between 1.2880 and 1.2600 before showing any upside movement.Finally the 1H Market. Just a quick look at it and we can see price went to near 1.2600 and formed a bullish morning star candle stick along with a reverse head and shoulders with some upside movement creating HH and HL’s. This is where I believer we could see potential movement. After the initial bump up if we break above 1.2750 I believe we could see over a 300 pips move upwards. Lets wait and see what this pair brings us in the coming weeks.
However I can see price varying from between 1.2880 and 1.2600 before showing any upside movement.Finally the 1H Market. Just a quick look at it and we can see price went to near 1.2600 and formed a bullish morning star candle stick along with a reverse head and shoulders with some upside movement creating HH and HL’s. This is where I believer we could see potential movement. After the initial bump up if we break above 1.2750 I believe we could see over a 300 pips move upwards. Lets wait and see what this pair brings us in the coming weeks.