GBPUSD | Perspective for the new week | Follow-Up
It has been over 300pips plunge in our direction since my last publication on this pair (see link below for reference purposes) and it appears we are in the middle of a correction phase that might incite a further risk in decline for the Pound in the coming week!
It is obvious that the British pound rallied a bit during the course of last week trading session but relinquished some of the gains during the latter part of the week and the rapid spread of the Delta plus covid strain in Britain has a high possibility of threatening the already delayed economic reopening, which may further incite fear of buying the Pound.
Tendency: Downtrend (Bearish)
Structure: Breakdown | Supply & Demand | Trendline
Observation: i. A significant Breakdown of both the Bullish trendline and Key level @ $1.40000 on the 16th of June 2021 buttress a clamour for Bearish tendencies in the coming week.
ii. I also noticed that the Bullish tendencies that began last week appear not to have the strength to push the price further after citing multiple rejections of Trendline/Key level @ $1.40000 on the 23rd/24th of June 2021.
iii. Should price try to climb early in the new week, I have identified a niche for selling opportunity around $1.39740/1.41000 with confirmation below Key level @ $1.40000.
iv. A Further plunge below $1.38000 (breakdown/retest) might welcome addition to the existing position.
v. CAUTION: Considering the overall Bullish perspective on this pair, it is advisable that we remain extremely patient should the price remain above Key level... Trade consciously! 😊
Trading plan: SELL confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:4
Potential Duration: 5 to 10days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
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.
It is obvious that the British pound rallied a bit during the course of last week trading session but relinquished some of the gains during the latter part of the week and the rapid spread of the Delta plus covid strain in Britain has a high possibility of threatening the already delayed economic reopening, which may further incite fear of buying the Pound.
Tendency: Downtrend (Bearish)
Structure: Breakdown | Supply & Demand | Trendline
Observation: i. A significant Breakdown of both the Bullish trendline and Key level @ $1.40000 on the 16th of June 2021 buttress a clamour for Bearish tendencies in the coming week.
ii. I also noticed that the Bullish tendencies that began last week appear not to have the strength to push the price further after citing multiple rejections of Trendline/Key level @ $1.40000 on the 23rd/24th of June 2021.
iii. Should price try to climb early in the new week, I have identified a niche for selling opportunity around $1.39740/1.41000 with confirmation below Key level @ $1.40000.
iv. A Further plunge below $1.38000 (breakdown/retest) might welcome addition to the existing position.
v. CAUTION: Considering the overall Bullish perspective on this pair, it is advisable that we remain extremely patient should the price remain above Key level... Trade consciously! 😊
Trading plan: SELL confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:4
Potential Duration: 5 to 10days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
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 smart. Trade consciously
