Fundamental analysis: Andrew Bailey recently apologized for the unexpected rise of British CPI data. The postponement of raising interest made GBP weak af, which causes it breaks the daily and weekly support.
Technical analysis: Now we see GBPUSD is approaching another weekly support, this could be a potential reverse for GBPUSD. The high CPI data is giving British bank pressure to increase the interest in after-covid era. Once this market prediction is confirmed later on, GBPUSD will "to the moon!"
The stop loss would be under the support line and take profit should be at least 100 pips. This trade might take a while but trust me, it worths!
Winners are always watching H4, D1, W1, account blewers are always wathcing M1, M5, M15.
in my opinion The "abc elliot correction wave" almost completed, and will continue elliot impulsive wave means will bullish in long run target up to 37.000, 33.500-33.600 is a good entry for long. further macd line in TF2H cross above the signal line meaning reversal soon. whats your thoughts?
TheWolfOfGold
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@adrianch20, I agree with your opinion. We have different trading strategies. For me, I prefer trading on the Candlestick chart without any indicators, just pure resistance and support level based on the left side. And I think by breaking daily support and weekly support in two days, the momentum of the market should decrease (as new sellers won't want to sell at the low). Usually "price drops volume drops" is a fairly good sign for reverse.
imeem
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hi! does this mean we are expecting opportunities to buy? sorry im new here and thank you
TheWolfOfGold
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@imeem, Hi, YES, but you should enter at different levels. For example, you were going to enter 1 lot buy here, instead, you can enter 0.1 lot first. If the price drops again, you can enter 0.1 lot again, this makes ur overall position be the average of these two entry points. In that way, it's safer for you to test the reverse position of the market
@TheWolfOfGold, yep bullish will rule the game! after a huge sell around these week, in my opinion The elliot ABC correction wave almost completed. potential reversal soon