GBPUSD - STUCK BETWEEN RANGES! (Short Term)
NOTE: This is just analysis/advice, do not FOLLOW this trade blindly - I take no responsibility for it...
Looking at GBPUSD from a 1H chart, there is very little that can be said about where price is heading. I feel like the price is currently bouncing between regions on the 1H, with price ranging from around 1.30900 and 1.31500. I think there will be an opportunity for a trade if price breaks out between this region and a strong bullish or bearish candle is formed, which may impact this currency pair. For those looking to place a trade, there could be 3 scenarios that I think could happen.
- Scenario 1: Price rallies upwards again towards the 1.31500 region as hit previously a few times. From here, there may be a retest and a clear breakout would state price could retrace higher, to 1.32000 as hit around the 29th January 2019. If there is a rejection from this key level around 1.31500, price may rebound back to 1.31500. (LONG)
- Scenario 2: Price rallies upwards again towards the 1.31500 region as hit previously a few times. From here, there may be a retest and a rejection from this key level around 1.31500, meaning price may rebound back to 1.31500. (LONG)
- Scenario 3: Price breaks the short term support level on the 1H around 1.31000 - 1.30900. A clear bearish candlestick may cause a retracement back down towards 1.30700. (SHORT)
Considering the RSI number, it is around 50 (49.7 currently) so GBPUSD is neither oversold or overbought on the 1H, however on the 1D, it is around 63, and RSI has rebounded from the overbought region suggesting this pair may be starting to weaken in the next few days as the GBP has rallied somewhat over this week (possible long term short position over the next week).
Looking at price right now, it does not look to move whatsoever and the PIPS in this trade are considerably low. I think Scenario 1/2 is most likely to happen as 1.3100 is acting as a strong support level for this pair right now.
Blue boxes - support and resistance regions
Trading right now may not be advised as there seems to be no clear picture of where price is going.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Looking at GBPUSD from a 1H chart, there is very little that can be said about where price is heading. I feel like the price is currently bouncing between regions on the 1H, with price ranging from around 1.30900 and 1.31500. I think there will be an opportunity for a trade if price breaks out between this region and a strong bullish or bearish candle is formed, which may impact this currency pair. For those looking to place a trade, there could be 3 scenarios that I think could happen.
- Scenario 1: Price rallies upwards again towards the 1.31500 region as hit previously a few times. From here, there may be a retest and a clear breakout would state price could retrace higher, to 1.32000 as hit around the 29th January 2019. If there is a rejection from this key level around 1.31500, price may rebound back to 1.31500. (LONG)
- Scenario 2: Price rallies upwards again towards the 1.31500 region as hit previously a few times. From here, there may be a retest and a rejection from this key level around 1.31500, meaning price may rebound back to 1.31500. (LONG)
- Scenario 3: Price breaks the short term support level on the 1H around 1.31000 - 1.30900. A clear bearish candlestick may cause a retracement back down towards 1.30700. (SHORT)
Considering the RSI number, it is around 50 (49.7 currently) so GBPUSD is neither oversold or overbought on the 1H, however on the 1D, it is around 63, and RSI has rebounded from the overbought region suggesting this pair may be starting to weaken in the next few days as the GBP has rallied somewhat over this week (possible long term short position over the next week).
Looking at price right now, it does not look to move whatsoever and the PIPS in this trade are considerably low. I think Scenario 1/2 is most likely to happen as 1.3100 is acting as a strong support level for this pair right now.
Blue boxes - support and resistance regions
Trading right now may not be advised as there seems to be no clear picture of where price is going.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Trade Closed!