GBPUSD | Perspective for the new week | Follow-up

The Pound appreciates to fresh new highs as price tested the $1.1800 area at the end of last week's trading session. Despite the UK Gross Domestic Product exhibiting a 0.2% contraction, the Pound was still able to rally approximately 5% growth in a week and this could be a result of the US CPI which slowed down to a 7.7% yearly rate in October - not too good figures for the Greenback. From a technical standpoint, we are at a critical point in the market as price action seats at the key level at the $1.1800 level; an area where we shall be waiting for signals to help make an informed decision.

Risk 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.

Trade active:

Since the beginning of the week, the Price is caught within a consolidation phase of around $1.18450 and 1.17750. Currently, there is a lil breakdown of the 1.17750 which might insinuate the retracement phase of the impulse leg. The current structure suggests that we anticipate a breakdown/retest of the 1.17750 to join the counter-trend. However, if there is a breakout of the resistance level of the channel at 1.18450 area, then we might be looking forward to a bullish continuation.

Good morning

Trade active:

UPDATE

Securing the current sell position as price breaks down the support level of the channel

Trade active:

Trade closed at break-even as price action is monitored. Price still remains within the channel as a major event comes up in 30 minutes from now. However, it is worth noting that we could be witnessing a spike of bullish momentum as buying pressure continues around the 1.17750 zone hence if a breakout/retest of the trendline happens a buy position might be triggered.

Good morning

Trade active:

UPDATE

Securing the buy position as the price breaks out of the trendline to emphasize the buying pressure above the 1.17750 area. Remember, the price is still within the channel hence the need to secure the current position and a breakout/retest of the 1.18450 will welcome additional position to the existing trade.

Trade active:

UPDATE

Secure the buy position(s) as the second position was triggered at the breakout/retest of the resistance level at $1.18450. For further details, check the live session replay on my youtub channel

Trade closed: target reached:

Over 320 pips in profit (2 positions); Update coming up soon as price action is been monitored.

Trade active:

Another opportunity to buy the Pound appears to be unfolding as I look forward to a breakout/retest of the 1.18450 level on the lower timeframe for a signal.

Trade active:

Securing the current buy position as price action is caught within a channel between the 1.18800 and 1.18450 in the last 12 hours. Looking forward to adding position at a breakout/retest of the 1.18000 area but we need to take into consideration should price breakdown the support level of the channel at the 1.18450 - a selling opportunity might be considered. Remember that participants anticipate an high impact event coming today (Retail Sales and Consumer Price index - GBP) which can be seen reflected on the chart as a consolidation phase. CPI is happening in the next 30 minutes and there is likely going to be a huge spike.

Trade active:

UPDATE

Buying pressure continues as the CPI document a positive figure for the Pound.

Trade active:

Follow-up detail was duly explained during the live session today (video on youtub); securing the current buy position

Trade closed manually:

Price takes out the buy position with selling pressure below the 1.18800 level. Selling the Pound is looking promising below this structure as long as the price trade below the trendline(bearish). I won't be thinking of buying the Pound unless a breakout of the newly identified bearish trendline is broken to the upside.

Trade active:

QUICK UPDATE

Breakout/retest of the $1.18800 (and bearish trendline) will be a bullish signal hence keep this option so that we can take advantage of this move... update coming up soon

Trade active:

We have been witnessing a consolidation phase in the last 30 hours and I am of the opinion that a breakout of this triangle channel might lead to a significant move to either side. Let's be on standby to catch the move.

Trade active:

buying pressure continues

Trade active:

secure the buy position a price action is been monitored.

Good morning

Trade active:

UPDATE

Trade active:

This was explained during the live session today(video on youtub); securing the position

Trade active:

Secure position as buy pressure is observed

Trade active:

After being taken out of the previous position with a small profit, the price appears to be retesting the trendline that was broken to the downside yesterday morning and I am of the opinion that the bearish momentum might continue at the breakdown/retest of the 1.19000 level.

Good morning