themarketzone
Long

Breaking out of 1.565 zone is crucial for Bat pattern completion

FX:GBPUSD   British Pound/U.S. Dollar
GBPUSD             is trading inside an ascending trading channel.
This pair is currently struggling with a minor daily resistance zone - 1.565.
All of the SMA lines are below current price level and suppose to act as support once the price will touch them and that's a bullish signal that suggests that eventually $GBPUSD will break higher, perhaps to complete the bearish Bat and a bearish AB=CD near 1.585
In order to so so, $GBPUSD must overcome the 1.565 resistance zone.

In case that 1.565 will hold as resistance, this pair may re-test 1.555, the bottom of the channel and the 4H 200 SMA line

This trading scenario is part of this week's Weekly Markets Analysis - For more trading ideas check out the newsletters - http://goo.gl/jwBPQe
Special ECB preview - https://goo.gl/hZMkYY

Tomer J,
The Market Zone - You trading Edge
Visit my website - http://www.themarketzone.net/
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meganjack
a year ago
GBPUSD Short
+1 Reply
Nice reversal from the 200 SMA line. Now expect price to reach target level
Reply
Great, I'm long gbpaud, I believe this should easily validate.
Reply
themarketzone PRO IvanLabrie
a year ago
Yep.. sent my members a bullish alert on it, but I have a bearish pattern near 2.15 so watch out :)
Reply
IvanLabrie PRO themarketzone
a year ago
I'm trading the synthetic pair. Direction coming from audusd and gbpusd, I have 0 worries. Or should I say 25% worries. :)
Nice charting, as usual.
+1 Reply
themarketzone PRO IvanLabrie
a year ago
Good luck and thanks
+1 Reply
IvanLabrie PRO themarketzone
a year ago
snapshot
Reply
IvanLabrie PRO IvanLabrie
a year ago
long gbpusd/short audusd, volatility adjusted position size, no sl.
Reply
nice analysis thanks
Reply
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