The U.K. economy reflected signs of positivity with preliminary estimates showing gross domestic product rose by 0.3%. However, the potential to raise interest rates at the BoE's next meeting in two weeks’ time remains on the table as inflation has been running at around 10% for the last six months. From a technical perspective, it is obvious that price action is still going through an indecisive phase as we anticipate next week's fundamental data for clues. In this video, we looked at our chances to either buy or sell the Pound in the coming week.
00:38 Reference to last week's daily commentaries and results 03:50 GBPUSD Technical analysis on Daily chart 07:55 Macroeconomic events to look out for the week 11:45 GBPUSD Technical analysis on 4H Timeframe 09:53 Conclusion on next week's expectation for GBPUSD
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The week has started on a bullish note as price action breaks out of the resistance level for the week located at the 1.21050 level. So, we lookout for buying opportunities above this structure.
Good morning
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Just as discussed during our live session this morning; Secure buy position(s)
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Secure the buy position as sellers continue to negate all bullish attempts at the 1.22000 level, we shall be anticipating a selling opportunity at the breakdown/retest of the 1.21450 level while our buy option remains open.
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Still waiting...
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Still holding on to the bullish bias as we anticipate a breakout/retest of the 1.22000 level for more buying opportunities
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Secure buy position as selling pressure continues as we look forward to a breakdown/retest of the 1.21450 level for selling opportunities.
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Just as discussed during our live session this morning; Secure sell position
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Two positions running, secure all sell positions
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Secure all sell positions
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After being taken out of the sell position with approximately 100pips, let's remain patient and see how price action reacts to the 1.20750 zone for the next line of action. The structure still looks bearish considering the bearish trendline.
Good morning
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Just as discussed during our live session a couple of minutes ago, secure sell position
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Secure all sell positions as the appearance of buying pressure around the 1.20350 (price unable to find a new low) could incite buying opportunities at the breakout/retest of the 1.2750. Watch the replay of our live session this morning for details
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With the continued buying pressure above the 1.20350 level, a reversal structure is identified on the lower timeframe
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Secure buy position
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Secure all buy positions as selling pressure resumes
Trade closed: target reached
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Over 150pips in profit from 2 positions as price action hit TP target. We shall monitor the current structure for trading opportunities. Update coming up soon
Good morning
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Just as discussed during our live session this morning
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Secure sell position as we edge close to the release of the consumer sentiment index data