I am new to trading and recently started to publish my analysis. Any advice or feedback is welcome via comments or in the chat. Looking for opportunities to learn new information & techniques.
I have done some analysis on the GBP/USD. The analysis has been done on the 4 hour candlestick chart.
I think that it is a Bullish trend, but at the moment it has just hit the top resistance zone therefor on a retracement but when it hits the blue trendline it will be a buying opportunity. I have noticed a inverted hammer (on 14/3/2019 @ 6am) signalling a downtrend but I think that it will head towards the blue trendline and head back up.
On its way down to your TL, again could be another setup if reaches TL
Jai30
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GBPUSD is definitely bullish, with the volatility of Brexit, there is every possibility the pair could test the trend line again however, I anticipate a higher push to around 1.34000 as lower wicks rejecting the support and psychological level of 1.32000 suggest the pair will push higher after a small amount of consolidation around this level. This will then create a solid higher high for the pair and also break out from the weekly resistance level of 1.33000. Also don't forget about the minor level or support which could be provided around 1.31500. Personally I would look for an entry around 1.32000/1.32500 and if it falls below, look for the entry around 1.31500. With the volatility of the GBP pairs, I would lower your lot size and therefore increase your SL to keep it nice and wide. Best of look and good overall analysis. Well done mate and any questions let me know.
UnknownUnicorn911750
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im bullish still doubt it will the trendline but good analysis