GBP/USD: Corrective move up to an interesting level!
Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the GBP/USD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.
Daily timeframe:
4 hours timeframe:
1 hour timeframe:
The market is still trending to the downside, actually in a corrective move and almost reached the 0.61% of Fibonacci retracement, just around an interesting key level.
Having a look at the 1h timeframe, it’s possible to see a decrease of momentum although the price is still moving inside an ascending channel.
When, where and why would I step into the market?
Considering an overall downtrend and a possibility of a retracement to the downside, until the price will break the resistance to the upside, I will be looking for a short term sell position.
However, before entering the market, I will be waiting for the price the get a rejection on the resistance level, a breakout of the channel and only after that, I will be looking for a good entry point with a RRR of 1:2 or greater.
I would place my SL above the channel and the resistance level and I will trail it on every swing that the market will eventually make.
The final TP would be just around the local key level on the 4h chart.
A break out to the upside of the current resistance level, will invalidate this trade idea and no action will be taken on this market!
If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.
Daily timeframe:
4 hours timeframe:
1 hour timeframe:
The market is still trending to the downside, actually in a corrective move and almost reached the 0.61% of Fibonacci retracement, just around an interesting key level.
Having a look at the 1h timeframe, it’s possible to see a decrease of momentum although the price is still moving inside an ascending channel.
When, where and why would I step into the market?
Considering an overall downtrend and a possibility of a retracement to the downside, until the price will break the resistance to the upside, I will be looking for a short term sell position.
However, before entering the market, I will be waiting for the price the get a rejection on the resistance level, a breakout of the channel and only after that, I will be looking for a good entry point with a RRR of 1:2 or greater.
I would place my SL above the channel and the resistance level and I will trail it on every swing that the market will eventually make.
The final TP would be just around the local key level on the 4h chart.
A break out to the upside of the current resistance level, will invalidate this trade idea and no action will be taken on this market!
If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
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