GBPUSD | Perspective for the new week | Follow-up

The U.S. dollar rose against the Pound Sterling on Friday and was on track for its biggest weekly gain since February despite concern about the U.S. debt ceiling and monetary policy. The aftermath of the consumer sentiment data is rippling a mixed reaction across the market ahead of the new week. Participants continue to digest features from the U.K economic docket which revealed that the gross domestic product grew by 0.1% in the first three months of 2023 coupled with a key interest rate hike by another 25 basis points data are significant factors that will come into play during the early hours of the coming week as we anticipate another handful of economic data. In this video, we have spotted structures and levels to look out for trading opportunities in the coming week(s).

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.

Comment:

The week has started on a bullish note as price action remains above our key level at the 1.24500 zone. A breakout/retest of the resistance of our new structure will have broken out of the resistance line of the descending channel identified in the video to incite a potential buying opportunity. If at any point a breakdown of the key level happens, then we will have no choice but to look out for selling opportunities.

Good MOrning

Trade active:

Fallout from our live session this morning; secure buy positions

Trade active:

Secure buy positions

Trade active:

Secure the buy positions

Trade closed manually:

Price action takes out the buy position with a small profit as the bearish move going on in the last couple of hours was missed. We are waiting patiently for another structure to mature as all attention remains on the economic features from both the UK and US docket.

Good MOrning

Trade active:

Fallout from our live session this morning

Comment:

Still waiting for trading oppoprtunity

Trade active:

Sell position triggered at the breakdown of 1.24800; secure position

Good MOrning

Trade active:

Fallout from our live session this morning

Trade closed manually:

All sell positions are taken out with a small profit as price action breaks out of the descending trendline to emphasize the buyer's strength at this juncture. Confirmation pattern around the 1.24800 zone will welcome buying opportunities. Please note that the bearish bias is still valid if price action drops below the trendline.

Trade active:

Buy position triggered at the breakout of the 1.24800; secure position as we look out for more opportunities

Trade active:

Price action takes out the buy position as selling pressure resumes.

Good Morning

Trade active:

Secure all sell positions as we look out for more opportunities

Trade active:

Secure all sell position

Trade closed manually:

After all sell positions is taken out, buying pressure appear to surface as the 1.23900 level becomes a barrier to push the price to the downside. While the option of selling opportunities remains valid at the breakdown/retest of the 1.23900 zone, we cant ignore the potential of buying opportunities above the 1.24200 zone. Update coming up soon.

Good Morning

Trade active:

.
Fallout from our live session this morning. Buy position triggered; secure position

Trade active:

Secure all buy positions

Trade active:

Secure all buy positions as we round off for the week