Welcome to our weekly trade setup ( GBPUSD )!
Bullish open and pressure.
Looks like we are going to follow midterm trend.
Expecting another push to previous highs.
ENTRY LEVEL @ 1.30630
SL @ 1.29920
TP @ 1.31620
Max Risk. 0.5% - 1%!
(Remember to add a few pips to all levels - different Brokers!)
Leave us a...
GBPUSD has managed to stay above the crucial 100H EMA, which implies that the uptrend is still intact.
The dip may be considered as a temporary pullback. The area I have highlighted in my chart could be a possible buying area for targets of 1.3150 and 1.3200.
The overall market structure is still bullish and I will be looking to buy between 1.3030-1.3060...
GBPUSD IS SITTING AT A DAILY KEY LEVEL AND FROM THAT LEVEL WE CAN SEE A DESCENDING TRIANGLE STRUCTURE , A POTENTIAL SIGN OF REVERSAL . NOW IN ORDER TO GET INTO A SHORT POSITION WE NEED A BREAKOUT BELOW THE MARKET BLUE AREA AND THEN A POTENTIAL RETEST
SL at 1.25100
TP1 at 1.25440
TP2 at 1.25615
TP3 at 1.25770
Cancel/pending plan few minutes before news! (Medium/high impact news)
The content on this analysis is subject to change at any time without notice, and is not provided for assisting traders to make decision.
GBPUSD bullish scenario is supported by the following factors:
1. It's moving perfectly in the ascending channel.
2. Hidden bullish divergence formed on MACD for the continuation upwards.
3. Break out of the most recent falling trend line within the bullish channel.
4. The next target of 1.2850 is derived from the confluence of Fibo Extn's on the prior impulsive...
- middle bollinger band, blue moving average is nicely pushing price to go up.
- it is in a downtrend UNTIL it broke the trend line, the middle bollinger band and the BLUE MA confirms it is a buy.
-**Not shown in the picture** but the Ichimoku cloud is also acting as a nice resistance zone. When the Ichimoku cloud is SHOWN then we can see that the clouds changes...
Based on the 4hr timeframe we could see a descending channel on this pair.
Today we got a solid candle close outside of this channel. Not only price closing outside of descending channel but also above the structural resistance.
Buy GBPUPSD 1.2420
Stop loss 1.2355
Take profit 1 @1.2480
Take profit 2 @1.2540