The GBPUSD pair continues to present signs of strength within the broader technical structure. As long as price can stay above the 1.5200 level, it remains bullish in my opinion. The intraday opportunity I am looking for is a retest of the 1.5420 to 1.5386 area. This is a potential bullish reversal zone. Within this price range I will be watching my 1 Hr time frame for price action (candlestick patterns), price structure (double bottoms, etc) and volume analysis. If the price can validate then I will look to initiate a long position with a stop somewhere in the lower 1.5370s. If price closes below 1.5370 area then it completely negates this long idea. Remember before entering, it is very important to validate, this is how we filter trade setups. If you don't know how, then do not trade this setup. Upon validation, I am looking at my first profit target at 1.5485 area and depending on how price action unfolds, to possibly hold some into the 1.5590s as my aggressive target. Overall this pair is poised to see higher prices, possibly back into the 1.5700 - 5800 area. Remember be flexible, things can change quickly.
Comments
Grixen_La_Rexi
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H4 looked quite promising and played out well
smartsociety
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when things on Elliot waves match , it is not safe to go against view this one daily , and think where the wave 4 is going to be ?
then after this watch this on 6 hours and see how thing align in indicating the same point.
Just want to say be careful with longs here.
MarcPMarkets
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New highs. My trade idea never executed, because this pair did not pull back far enough. Good thing I wasn't short. Price action is king.