The British pound has been Bullish in recent times, as we continue to see a rally. Every time it looks as if it is going to fall, Buyers step in to push the price up again! A Breakout of Key Level I (neckline) which is important to me during the course of last week gives me a setup that is similar to a Reversal pattern (Inverse H & S) inciting an Uptrend continuation on my Daily chart.
Tendency: Uptrend ( Bullish )
Structure: Breakout | H & S | Support & Resistance
Observation: i. Price falls to a trough @ 1.23500 and then rises; then falls below the former trough into a level @ 1.22500 and then rises again and finally falls again but not as far as the second trough before breaking out @ 1.25500 last week speculates a Bullish bias.
ii. Our Key level I - the neckline was retested on the 10th of July followed by what appears to be an Uptrend continuation.
iii. It is also worthy to note that the present structure has a possibility to correct into our Key Level II @ 1.24500 should in case there is a scenario where those who took advantage of the Bull run last week sold to make quick gains before taking a second thrust.
Trading plan: BUY confirmation with a minimum potential profit of 450 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, 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.
Tendency: Uptrend ( Bullish )
Structure: Breakout | H & S | Support & Resistance
Observation: i. Price falls to a trough @ 1.23500 and then rises; then falls below the former trough into a level @ 1.22500 and then rises again and finally falls again but not as far as the second trough before breaking out @ 1.25500 last week speculates a Bullish bias.
ii. Our Key level I - the neckline was retested on the 10th of July followed by what appears to be an Uptrend continuation.
iii. It is also worthy to note that the present structure has a possibility to correct into our Key Level II @ 1.24500 should in case there is a scenario where those who took advantage of the Bull run last week sold to make quick gains before taking a second thrust.
Trading plan: BUY confirmation with a minimum potential profit of 450 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, 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
