GBPUSD: As We Approach A Trend Rotation, Will the Bulls Protect?

FX:GBPUSD   British Pound / U.S. Dollar
Usually I share EURUSD             ideas with you guys, but I wanted to switch it up and look at something different since the Euro             is still playing out yesterday’s prediction. (By the way, if you want to see a breakdown that we’ve been doing on it over the past few days in my live trading room check out this video https://www.youtube.com/watch?v=q9bbpMzb5qs) There’s also a special cameo in the video ;-)

GBPUSD             is at an interesting level as we’re currently at the top end of what to me is a major level of support. If you look at the ebbs and flows on the daily chart (above) you’ll see that we’re approaching the previous outside return (retracement) and a violation of this level would cause a rotation in trend. For that reason I expect the bulls to be on the defensive fighting hard not to give up that area.

Technically this is an at market buy right now as we’ve double bottomed at the zone, due to the retest of structure on the peak, I’d like to see a push lower into the 1.5350’s level reducing my potential risk as well.
Depending on if/how this completes will dictate targets but I would expect a move back up into the 1.5420’s-1.5450’s level for first targets.

Have a great Weekend Traders! And do me a favor, if you’ve been enjoying my post, please hit that like button and leave a comment. I’m close to making the “All-Time” top author list here at Tradingview and I think that would be awesome.

Lastly make sure you check out the interview from my client and good friend Jason Graystone “On Losing, Losing Some More, Then Winning” It’s a great read for all up and coming traders. http://tradingstory.com/jason-graystone-on-losing-losing-some-more-then-winning/

Akil Stokes
Chief Currency Analysis at Trade Empowered
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thank you
Hi Akil,
I've detected the same pattern. Took buy trades on the evening 27th, got 40pips in bag. next morning again bought but got stopped out buy the bears.

I agree that the bulls are trying in force to push up but we'll have to wait if they can sustain buying the pair.

Have a great weekend.
+1 Reply
Have a great weekend as well!
IanMFX Akil_Stokes

The pair might setup a range for some little time before taking a direction.
+1 Reply
I agree
I'm very grateful to your ideas, it's very informative and logical.
I'm learning a lot from you.
Thanks Akil
+1 Reply
I took this one also because of the Cypher pattern that completed, the strong RSI divergence which signals at least a correction that will occur (especially after that massive fall, it has to correct at least to the 38.2). Earlier I also took the two Gartleys from the chart with very good profit. I think it's not late to jump in to this one.
Great analysis Akil, as always. All the BEST :)
+1 Reply
Akil_Stokes moneymaking
Thank you, have a great weekend
+1 Reply
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