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** GBPUSD Analysis - Listen to video!
We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met.
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GBPUSD broke out of the resistance and it has turned the previous resistance now to support.
I am anticipating a continuous upward trend to the to the target levels marked above.
However, if price falls back below the support, I may look for a sell short. (GU hasn't ben my favourite to trade lately)
What is your anticipation? Kindly Like, comment and share
Some rectangular bottoms have formed on the GBPCAD pair, i count 6 touches included wick ends on the first and looking for a 6th touch on the lower trendline on the second rectangular bottom.
It seems like the bulls are in play following up beat CBI and Net borrowing data in the UK.
Price has finally broken the descending channel resistance and closed beyond the horizontal resistance it was struggling to break.
A re-test of the resistance is always likely, but I missed too many trades this week waiting for a re-test that never came, so I'm getting...
Though we are still in the election hype, but there is great chance we cannot just ignore. The GBPUSD is sitting on a hill it may roll down any moment. the spike to 1.35 might be the wave 5. On other hand rsi is extremely overbought which is good SELL indicator.
Buy above 1.3191.
Stop loss at 1.3149.
Take profit at 1.3301.
Reason for the trading strategy (technically):
GBPUSD is testing its support at 1.3191 (61.8% Fibonacci extension x2, 61.8% & 50% Fibonacci retracement, horizontal overlap support) where price is expected to bounce to its resistance at 1.3301 (61.8% Fibonacci retracement, horizontal swing high...
