The British pound initially tried to rally during the week but gave back the gains to fall into support again as it continues to witness a phase of correction. It is also worthy to note that I still anticipate Bullish tendencies in the following week(s) if the price does not break below 1.25000 level.
Tendency: Uptrend ( Bullish )
Structure: Trendline | Supply & Demand
Observation: i. The Demand zone has been respected in the last couple of weeks with an insight into the Buying power at this juncture in the market.
ii. I shall anticipate a possible Bullish engulfing candle from Demand zone in the coming week(s).
iii. In as much as I look out for Bullish options from my Demand zone on this pair, a Breakdown of 1.25000 might render this set-up invalid and pointing to 1.24000 (Weekly Trendline).
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 12 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
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.
Tendency: Uptrend ( Bullish )
Structure: Trendline | Supply & Demand
Observation: i. The Demand zone has been respected in the last couple of weeks with an insight into the Buying power at this juncture in the market.
ii. I shall anticipate a possible Bullish engulfing candle from Demand zone in the coming week(s).
iii. In as much as I look out for Bullish options from my Demand zone on this pair, a Breakdown of 1.25000 might render this set-up invalid and pointing to 1.24000 (Weekly Trendline).
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 12 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
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
