themarketzone

Closed inside trading channel but below major structure

FX:GBPUSD   British Pound/U.S. Dollar
$GBPUSD used Friday's rally against the dollar to close back above the trading channel mentioned in my previous analyses.
If the price will remain at current level and climb above 1.55, it could signal that it intends to rally higher, possibly as an Aggressive C entry scenario for the red bearish Bat pattern shown in the chart.

If the price will decline lower towards 1.535, it will complete a bullish Gartley pattern that will also be a bullish trading scenario only that in this case, the target level will be 1.55 that will remain a strong weekly resistance zone and on top of it, we will have the broken channel's lower trend line as additional resistance.

These are the two scenarios I'm looking at towards next week and it all depends on where the price will open in relevance to the 1.55-1.56 structure zone

This analysis is part of this week's Weekly Markets Analysis newsletters - http://goo.gl/AGTYS1

You can subscribe to my weekly newsletters here: http://goo.gl/HXjCPV
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