GBP/USD Long Term Bullish Forecast
Double top formation who's technical measured objective
reaches the 1.3027 level below. Additionally an AB=CD
pattern with a measured objective target reaching beyond
the 1.55 level.
Using the weekly time frame, I have depicted a possible
bullish trend continuation for GBP/USD. At the moment price
is hovering around the 61.8% Fibo retracement level and if it
holds I suspect a corrective move until at least 1.4036, which
is the 61.8% Fibo retracement from 1.4377 to 1.3486.
Obviously we still have the BoE interest rate decision on
Thursday and by now I believe everyone would agree that
the market has already factored in that there wont be a
rate hike, at least not this month. Nonetheless, some
rumours persist that the BoE will remain hawkish for this
year, thus, a bullish trend continuation seems likely.
From a technical point of view, if price finds support and
reverses within the 1.3181-1.3027 zone then price may
reach beyond the 1.50 level as illustrated.
This is only a prediction, hence, no concrete trade setups with
entries, stop/loss and take/profit levels. To be used as a road
map to place trades if price behaves according to the model.
Happy trading
Double top formation who's technical measured objective
reaches the 1.3027 level below. Additionally an AB=CD
pattern with a measured objective target reaching beyond
the 1.55 level.
Using the weekly time frame, I have depicted a possible
bullish trend continuation for GBP/USD. At the moment price
is hovering around the 61.8% Fibo retracement level and if it
holds I suspect a corrective move until at least 1.4036, which
is the 61.8% Fibo retracement from 1.4377 to 1.3486.
Obviously we still have the BoE interest rate decision on
Thursday and by now I believe everyone would agree that
the market has already factored in that there wont be a
rate hike, at least not this month. Nonetheless, some
rumours persist that the BoE will remain hawkish for this
year, thus, a bullish trend continuation seems likely.
From a technical point of view, if price finds support and
reverses within the 1.3181-1.3027 zone then price may
reach beyond the 1.50 level as illustrated.
This is only a prediction, hence, no concrete trade setups with
entries, stop/loss and take/profit levels. To be used as a road
map to place trades if price behaves according to the model.
Happy trading