Despite the GBP showing signs of weakness during last week trading session as it keeps rejecting the $1.4000 level and dipped as low as $1.3880; I continue to root for Bullish expectations for the Pound across her major pairs in the coming week(s).
Even as the Greenback was in the driving seat in the markets on Friday - a result of higher US bond yields, I suspect that the current structure at this juncture in the market supports a rally in the nearest future.
Tendency: Uptrend ( Bullish )
Structure: Breakdown/Breakdown | Supply & Demand | Reversal pattern (Inverse H & S)
Observation: i. Since the successful Breakout of my Key level on the 19th of February 2021; Sellers have hijacked and kept the price under $1.40000 as we have witnessed multiple rejections of this zone in the last 16 days.
ii. It is also very obvious that the price has been caught within the Channel $1.37800/1.40000 since late last month (February 2021) hereby throwing participants into a long phase of indecision.
iii. The drop from the peak @ $1.42420 (Leg XA) has transposed into an Inverse Head & Shoulder look-a-like - strong reversal pattern within the channel.
iv. Considering the Bullish tendency from a longterm perspective (see weekly chart), I am of the opinion that we are presently experiencing a corrective phase of the last Breakout(19th Feb 2021) and a rally might be at the corner! But when?
v. Even though my Buy can be coming in anywhere above the Demand zone, a viable confirmation to join the rally might be waiting for the majority at the Breakout/Retest of the Key level @ $1.40000 in the coming week(s)... Stay tuned in! :)
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:3.5
Potential Duration: 8 to 15 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Even as the Greenback was in the driving seat in the markets on Friday - a result of higher US bond yields, I suspect that the current structure at this juncture in the market supports a rally in the nearest future.
Tendency: Uptrend ( Bullish )
Structure: Breakdown/Breakdown | Supply & Demand | Reversal pattern (Inverse H & S)
Observation: i. Since the successful Breakout of my Key level on the 19th of February 2021; Sellers have hijacked and kept the price under $1.40000 as we have witnessed multiple rejections of this zone in the last 16 days.
ii. It is also very obvious that the price has been caught within the Channel $1.37800/1.40000 since late last month (February 2021) hereby throwing participants into a long phase of indecision.
iii. The drop from the peak @ $1.42420 (Leg XA) has transposed into an Inverse Head & Shoulder look-a-like - strong reversal pattern within the channel.
iv. Considering the Bullish tendency from a longterm perspective (see weekly chart), I am of the opinion that we are presently experiencing a corrective phase of the last Breakout(19th Feb 2021) and a rally might be at the corner! But when?
v. Even though my Buy can be coming in anywhere above the Demand zone, a viable confirmation to join the rally might be waiting for the majority at the Breakout/Retest of the Key level @ $1.40000 in the coming week(s)... Stay tuned in! :)
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:3.5
Potential Duration: 8 to 15 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
