ChrisJTradesFX

British Pound/US Dollar Update

OANDA:GBPUSD   British Pound / U.S. Dollar
This is my view on the British Pound/ US Dollar from a weekly perspective.

I feel as though the tide is changing for the Sterling, FINALLY. The #1 indicator that'll never fail you is Price Action itself, and since we know this I'll share my thoughts as to why I believe it'll eventually head further up.

Confluence (3 or more):

1. GBP had bottomed out, but multiple touches dating back to October '16 on the $1.2132 level have been respected.
2. P.A. has formed the 'W' formation near the $1.2132 level from the weekly.
3. 1st touch of the zone ($1.2462-$1.2669) underneath current price was respected. Precursor.
4. Multiple touches have taken place with the O.B. ($1.3486-$1.3617) that's holding up price. Absorption.

What would you like to see happen now? I would love to witness more bearish momentum UNTIL P.A. reaches the $1.2462-$1.2669 area to then see if the flow of price reverse.

Let's say it did go down, but didn't "respect" it... then what? I would wait for a B.A.R. of that very level in order to short it to the next barrier.

Okay, what if price never reach that level below? That's when I would wait for a B.A.R of the $1.3046-$1.3082 area to long it to the next barrier.

I would anticipate price to go deeper into the zone below IF it happens to revisit, and there's some nice *profit margin* heading to the upside once that upper O.B. is absorbed. We shall see..

Also, if my analysis help YOU in any way, shape or form then please consider donating to the cause. It's appreciated.