GBPUSD Range Bound Long

FX:GBPUSD240

British Pound/U.S. DollarFXCM

Description

⋅ Apr 4, 2016 8:25 AM

We have 4hr Head & Shoulder Pattern.

Inverted Head & Shoulder Pattern on Daily

4hr Double Bottom at 1.4055

Unfilled gap close to 1.447

Range 1.40 and 1.45

Strategy.. Buy on dips..!!!

Comment

⋅ Apr 4, 2016 9:32 AM

If gbpusd remain supported above 1.417 and 1.419 then we might can see gu towards 1.43 and 1.434 for today.

Comment

⋅ Apr 4, 2016 11:55 AM

So we now have breakout of resistance.. and prices can run 1.43 and 1.434..
Break of 1.434 will lead for above 1.44 in coming sessions.

Comment

⋅ Apr 4, 2016 11:56 AM

If we couldnt break 1.434 then we will see gbpusd back below 1.42 and possible towards 1.414 as well..

Comment

⋅ Apr 5, 2016 12:14 PM

gbpusd didnt taken out 1.434.. so now 1.4135 on way.

gbpusdlong

Comments

ahmedfx

⋅ Apr 5, 2016 8:29 AM

newbie2016

⋅ Apr 5, 2016 12:08 PM

yes possible.

Red_Eagle0

⋅ Apr 4, 2016 7:34 PM

I am thinking opposite.
My view is to go short.
Let us see what will happen

newbie2016

⋅ Apr 4, 2016 7:36 PM

I agree with you.. as far as it is below 1.433 it is short with targets below 1.42...

newbie2016

⋅ Apr 4, 2016 7:36 PM

but i prefer only to go on long side due to seasonal as well...

ChimbOt

⋅ Apr 5, 2016 12:43 PM

Disagreed / great price action , wil continue to hold short

newbie2016

⋅ Apr 5, 2016 12:46 PM

dude.. did i ever said.. that gbpusd will not fall?? please read my comments below chart.. i keep updating that gbpusd can fall below 1.42 if 1.434 not taken out... So regarding you GREAT PRICE ACTION for target towards 1.355 :) Keep your words with you.. this is forex.. anything can be changed at anytime..

Tr8dingN3rd

⋅ Apr 4, 2016 8:01 PM

I see this thing drop...
...Short <---Me §8-)

newbie2016

⋅ Apr 4, 2016 8:03 PM

yes possible.. i said earlier.. that until and unless it cracks 1.434.. downside will be looming under 1.42.

Tr8dingN3rd

⋅ Apr 4, 2016 8:06 PM

jep, understood it right then.

great charts you post - liky! ;-)