Weekly forecast-
This is my weekly forecast for GBP/USD. The overall trend is still very bearish in my opinion with the higher time frame continuing to break structure to the downside and price is also still under the 200 MA on the daily timeframe. I have not been very active on the charts the past couple of weeks but I have noticed over the past 3 weeks we have seen some bullish movement come into the market, in my opinion this was caused by price being over extended and was due a pull back and because of the BoE announcing that they will start to buy bonds from the 28 September until 14 October. Since price is currently trending up I will be anticipating price to continue this bullish movement, if price comes to one of my bearish POI's that I market out a few weeks ago (Yellow arrows) I will wait for a conformation before looking for shorting opportunities. If price comes down and breaks last weeks low I will also start to look for shorting opportunities. The news I will be keeping an eye out for this week is GBP inflation on Wed, Oct 19th. USD Jobless claims on Thurs, Oct 20th and GBP retail sales on Fri, Oct 21st. I am also keeping in mind that there is still so much uncertainty at the moment in the U.K, with Liz Truss making another U-turn in her plan to grow the UK economy. If you would like to read about her new plan for the UK economy here it is - uk.finance.yahoo.com...turns-154130239.html
I welcome any feedback you might have and if you have any questions feel free to message me:)
Disclaimer: I am not a financial advisor. Do not take anything on TV as financial advice, ever.
Do your own research.
Consult a professional investment advisor before making any investment decisions!
This is my weekly forecast for GBP/USD. The overall trend is still very bearish in my opinion with the higher time frame continuing to break structure to the downside and price is also still under the 200 MA on the daily timeframe. I have not been very active on the charts the past couple of weeks but I have noticed over the past 3 weeks we have seen some bullish movement come into the market, in my opinion this was caused by price being over extended and was due a pull back and because of the BoE announcing that they will start to buy bonds from the 28 September until 14 October. Since price is currently trending up I will be anticipating price to continue this bullish movement, if price comes to one of my bearish POI's that I market out a few weeks ago (Yellow arrows) I will wait for a conformation before looking for shorting opportunities. If price comes down and breaks last weeks low I will also start to look for shorting opportunities. The news I will be keeping an eye out for this week is GBP inflation on Wed, Oct 19th. USD Jobless claims on Thurs, Oct 20th and GBP retail sales on Fri, Oct 21st. I am also keeping in mind that there is still so much uncertainty at the moment in the U.K, with Liz Truss making another U-turn in her plan to grow the UK economy. If you would like to read about her new plan for the UK economy here it is - uk.finance.yahoo.com...turns-154130239.html
I welcome any feedback you might have and if you have any questions feel free to message me:)
Disclaimer: I am not a financial advisor. Do not take anything on TV as financial advice, ever.
Do your own research.
Consult a professional investment advisor before making any investment decisions!