GBPUSD - Is correction possible?

FX:GBPUSD   British Pound / U.S. Dollar
158 0 2
Daily: Main trend is still bearish , but MACD and Slow stoch gave buy signal same time, so a correction is possible. In case a pull back happens, initial tgt             could be somewhere ard             1,5880.

4 Hrs: Price entered Kumo, Tenkan/Kijun is medium bullish , Chikou is above Price candles. ADX dropped below 20 with a zig-zag DMI, which now rather looks like a buy. Future Kumo is just making a bullish twist. All in all the picture is neutral on this time frame, but it has some bullish bias and small chance that some counter bullish move may happen later.

Recommendation: Close shorts, and watch for a possible counter long. Given the daily trend and support line the upside of the swing trade can be limited, so maybe a cautious buy now or on dips later with a stop below 1,5655 is not a bad idea, as gives better risk reward than waiting for the 4Hrs Kumo breakout. In this case you have to decrease your initial trading size. Play it according to your risk profile and money management system.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out