GBP/USD: Corrective move close to the major key 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.
Weekly timeframe:
Daily timeframe:
4 hours timeframe:
Overall this pair is still trending to the downside, currently in a corrective move close to an interesting key level.
A level of previous rejection just around the 0.78% of Fibonacci retracement could be a point of market reverse and trend continuation to the downside.
The intraday perspective (4hrs), shows a strong bullish impulse, forming now a possible rising wedge pattern, usually a sign of market exhaustion and less market momentum.
When, where and why would I step into the market?
Considering the overall bearish market, I will be looking for a short position on this trade and before planning any entry I will patiently wait for more confirmation.
The price is currently close to a strong key level, the possibility to get a rejection is quite high!
A breakout to the downside of the rising wedge would definitely confirm the validity of the pattern and would be my entry point for this trade!
The SL above the last HH and TP on the next support with a RRR of 1:2 could be an interesting setup.
A breakout to the upside, above the resistance level, would invalidate this trade idea and no action will be taken.
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.
Weekly timeframe:
Daily timeframe:
4 hours timeframe:
Overall this pair is still trending to the downside, currently in a corrective move close to an interesting key level.
A level of previous rejection just around the 0.78% of Fibonacci retracement could be a point of market reverse and trend continuation to the downside.
The intraday perspective (4hrs), shows a strong bullish impulse, forming now a possible rising wedge pattern, usually a sign of market exhaustion and less market momentum.
When, where and why would I step into the market?
Considering the overall bearish market, I will be looking for a short position on this trade and before planning any entry I will patiently wait for more confirmation.
The price is currently close to a strong key level, the possibility to get a rejection is quite high!
A breakout to the downside of the rising wedge would definitely confirm the validity of the pattern and would be my entry point for this trade!
The SL above the last HH and TP on the next support with a RRR of 1:2 could be an interesting setup.
A breakout to the upside, above the resistance level, would invalidate this trade idea and no action will be taken.
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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