GBPUSD: As We Approach A Trend Rotation, Will the Bulls Protect?
Usually I share EURUSD ideas with you guys, but I wanted to switch it up and look at something different since the Euro is still playing out yesterday’s prediction. (By the way, if you want to see a breakdown that we’ve been doing on it over the past few days in my live trading room check out this video www.youtube.com/watch?v=q9bbpMzb...) There’s also a special cameo in the video ;-)
GBPUSD is at an interesting level as we’re currently at the top end of what to me is a major level of support. If you look at the ebbs and flows on the daily chart (above) you’ll see that we’re approaching the previous outside return (retracement) and a violation of this level would cause a rotation in trend. For that reason I expect the bulls to be on the defensive fighting hard not to give up that area.
Technically this is an at market buy right now as we’ve double bottomed at the zone, due to the retest of structure on the peak, I’d like to see a push lower into the 1.5350’s level reducing my potential risk as well.
Depending on if/how this completes will dictate targets but I would expect a move back up into the 1.5420’s-1.5450’s level for first targets.
Have a great Weekend Traders! And do me a favor, if you’ve been enjoying my post, please hit that like button and leave a comment. I’m close to making the “All-Time” top author list here at Tradingview and I think that would be awesome.
Lastly make sure you check out the interview from my client and good friend Jason Graystone “On Losing, Losing Some More, Then Winning” It’s a great read for all up and coming traders. tradingstory.com/jas...e-more-then-winning/
Akil Stokes
Chief Currency Analysis at Trade Empowered
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Click the link below to subscribe for more FOREX TRADING videos
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GBPUSD is at an interesting level as we’re currently at the top end of what to me is a major level of support. If you look at the ebbs and flows on the daily chart (above) you’ll see that we’re approaching the previous outside return (retracement) and a violation of this level would cause a rotation in trend. For that reason I expect the bulls to be on the defensive fighting hard not to give up that area.
Technically this is an at market buy right now as we’ve double bottomed at the zone, due to the retest of structure on the peak, I’d like to see a push lower into the 1.5350’s level reducing my potential risk as well.
Depending on if/how this completes will dictate targets but I would expect a move back up into the 1.5420’s-1.5450’s level for first targets.
Have a great Weekend Traders! And do me a favor, if you’ve been enjoying my post, please hit that like button and leave a comment. I’m close to making the “All-Time” top author list here at Tradingview and I think that would be awesome.
Lastly make sure you check out the interview from my client and good friend Jason Graystone “On Losing, Losing Some More, Then Winning” It’s a great read for all up and coming traders. tradingstory.com/jas...e-more-then-winning/
Akil Stokes
Chief Currency Analysis at Trade Empowered
Click here for 20+ hours of FREE Training
tradeempowered.com/learn-to-trade/
Click the link below to subscribe for more FOREX TRADING videos
www.youtube.com...MWZqOsvzTF_LGQg?sub_confir...
Facebook: www.facebook.com/AkilStokesTrader
Twitter: twitter.com/AkilStokesRTM
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