GBPUSD Weekly Outlook: New perspective for the week | Follow-up

Welcome to my GBPUSD Technical Analysis Session.
Despite British retail sales data rising by more than expected in April, 0.5% from March and an improvement from the drop of 1.2% the prior month; the U.S. dollar against the Pound Sterling appears to be on course for its fourth consecutive weekly gain as U.S. rate hike expectations grow across the market and traders continue to accumulate positions for the potential that U.S. interest rates remain higher for longer. It is also worth noting that the high-impact economic features from the U.S. docket this week and the unresolved debt ceiling negotiation could incite risk-aversed trading activities at the beginning of the week resulting in a choppy market environment before the "big move" happens. GBPUSD Price Forecast: So, in this video, from a technical standpoint - we reviewed the GBPUSD Support and Resistance Levels on the 4H timeframe and how to use them to identify potential trading opportunities ahead of the new week (GBPUSD Chart Analysis).

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:

The new week has started on a strong bullish note as the key level identified in the video has been serving as a support line since the beginning of the week. And with a breakout of the trading range between 1.23580 and 1.23400, the chances that bullish momentum is on the verge of a breakthrough becomes high. Please note that the newly identified structure still remains our guide.

Good Morning

Trade active:

Fallout from our live session this morning; secure buy position

Trade active:

Secure buy positions as selling pressure resumes

Trade active:

So, after being taken out of the buy position with some profit, price action is back at the structure that was broken yesterday at the 1.23750 zone. Depending on how price action reacts to this zone will determine if we are buying or selling. The current market structure still looks bullish especially if we start seeing a reversal pattern around the 1.23750 zone. However, a breakdown/retest may negate the bullish bias to incite a bearish opportunity.

Good Morning

Trade active:

Potential reversal pattern identified on the 15 minute timeframe

Trade active:

Secure all buy positions

Trade active:

UPDATE

Trade active:

Secure all buy positions. We are open to a possible retracement if price drops below 1.24300 with cointinued selling pressure and more buying opportunities above 1.24500 zone.

Happy new month!

Trade active:

The perspective of retracement discussed earlier identified on the 15 minute timeframe

Trade active:

Buy position triggered as buy stop order at the breakout of 1.24500; secure all positions

Trade active:

Secure buy positions as price action gradually approach our TP target

Trade closed: target reached:

Since hitting TP target at the 1.25400 level; price action has remained trapped within a range that might not be unconnected to the upcoming NFP today. We shall be waiting for signals in the form of either a breakout or breakdown of the channel for trading opportunities today.

Good MOrning

Trade active:

Price action takes out the sell position and we are back to the status quo. Breakout or breakdown of the channel will welcome trading opportunities.

Trade active:

62 pips running in profit now; secure sell position as we look out for more opportunities

Trade active:

Ensure the sell position is secured as price action remains confined around the 1.24500 zone.

Concluding for the week... Wishing you a good night and a weekend filled with bliss.