GBPUSD | Perspective for the new week | Follow-up
With over 500pips in our direction since my last publication on this pair (see link below for reference purposes), we might be looking forward to a Bullish momentum in the coming week(s) following the Breakout of the Bearish Trendline during the latter part of last week trading session.
It is clear that the Pound went back and forth during the course of last week trading session before breaking through Key level @ $1.32300 to incite a possible bullish momentum that could either be a retracement or an outright reversal.
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Trendline | Reversal pattern (Breakout)
Observation: i. After my last publication on this pair, we witnessed a 4.2% decline in the price of the Pound against the Dollar.
ii. And since price tested the $1.319 area, a sharp rejection of this level in the last two weeks could be a reversal signal as sellers continue to find it difficult to break through this area.
iii. The visual representation of a line (Bearish trendline) drawn over pivot highs reveals the prevailing direction of price action in the last two months.
iv. The multiple rejections of $1.319 led to the Breakout of Key level on Friday appears to be a signal for me to prepare for buying opportunity against the new week.
v. The early hours/days of the new week might see a price plunge into the Key level to incite the potential rise in price.
vi. In this regard, above key level @ $1.323 shall be a comfortable area to take on a Long position with an opportunity to add to the existing position at Breakout/Retest of $1.327... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:5
Potential Duration: 3 to 7days
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 commodity trading, CFDs, stocks 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.
It is clear that the Pound went back and forth during the course of last week trading session before breaking through Key level @ $1.32300 to incite a possible bullish momentum that could either be a retracement or an outright reversal.
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Trendline | Reversal pattern (Breakout)
Observation: i. After my last publication on this pair, we witnessed a 4.2% decline in the price of the Pound against the Dollar.
ii. And since price tested the $1.319 area, a sharp rejection of this level in the last two weeks could be a reversal signal as sellers continue to find it difficult to break through this area.
iii. The visual representation of a line (Bearish trendline) drawn over pivot highs reveals the prevailing direction of price action in the last two months.
iv. The multiple rejections of $1.319 led to the Breakout of Key level on Friday appears to be a signal for me to prepare for buying opportunity against the new week.
v. The early hours/days of the new week might see a price plunge into the Key level to incite the potential rise in price.
vi. In this regard, above key level @ $1.323 shall be a comfortable area to take on a Long position with an opportunity to add to the existing position at Breakout/Retest of $1.327... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:5
Potential Duration: 3 to 7days
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 commodity trading, CFDs, stocks 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
