FX:GBPUSD   British Pound/U.S. Dollar
36 1 1
GBPUSD             presents a possible long trade in the coming week

Weekly candle close is Bullish engulfing which suggests the long-term nature of price is long

Daily shows price in an uptrend with Fibonacci retracement to the 50% level with price respecting support at this key level
MA crossover to the upside is also impending on the Daily chart

4 Hour chart shows price recently breaking above the CTL to the upside with a strong bullish move - retest could occur and this would be confluent with a previous key level
4 Hour also shows another Fibonacci action with retracement to the 38% area of support before resuming upward move to the 0% level - expect more bullish movement

Price currently sits at 1.5551 and with bullish confirmation I would target 1.5638 in the first instance which is an historical key level and just shy of the -27% of the 4 Hour Fib
If momentum continues then a further target would be towards the -61% level of the 4 Hour Fib at around 1.5738
** Review **

Bias on this pair was seen to be correct with a bullish price move which hit both take profit targets

At the start of the week it could be seen that price had recently made a bullish break of the CTL and looked set to retest before resuming a bullish move and completing a Fibonacci action

As seen from the auto chart refresh above, price played out almost exactly as anticipated

Analysis for next week will involve watching for a retracement of the latest bullish move as well as looking at DXY and its possible movements
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out