Kumowizard
Long

GBPUSD - It can stay bullish after Kumo retest

FX:GBPUSD   British Pound/U.S. Dollar
324 4 8
- The first Kumo attack at the end of February was not succesful, price turned back bearish . However the recent spike above 1,51 (end of April) not just caused a Kumo break, but also meant the break of the bearish trendline.
A Kumo breakout is confirmed when Price clears previous key supp/res, in this case 1,55. As you can see 1,55 resistance blocked further gains few days ago, and past Kumo blocked Chikou Span too.
- After the last few days pull back price reached Kumo support again
- If Price can hold above 1,5050 for few more days, then it an inverse H&S pattern development is possible too. In this case the measure tgt             would be appr. 1,60.
- Heikin Ashi candle today signals a possibly decrease in short term bearish momentum , maybe a bullish reversal is ahead.

With the next confirmed Heikin Ashi buy signal I think we'll see the start of the next bullish wave sending GBPUSD             back above 1,5500. Further bullish confirmation would be: Chikou Span to cross back above past Kumo and Kijun Sen to spike above Kumo.

For now 1,5050 - 1,5200 seems to be the zone to start accumulating some long positions.
Might correct a bit lower first, but we'll see.
It's definitely a buy.
Reply
Kumowizard PRO IvanLabrie
2 years ago
yes, true it can dip to 1,50+, but the big picture is likely to stay bullish
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No_more_Post
2 years ago
GBPUSD buy at Support Channel
Reply
Krio
2 years ago
This was a great call. Also your call for profit taking above 1,57 on Twitter worked well. Thank you very much!
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