GBPUSD has been trading within a confined upward Trendline since Jan 17 recording Higher Highs & Higher Lows on the Daily Chart. Expecting to see this hit 1.35 by month end. However, it's important that GBP can break past 1.3260- 1.33. Break of this will allow for further bullish momentum up to 1.35.
Rejection of the 1.3260- 1.33 line will see a retest of the...
Interesting trend on Daily chart showing every alternate month we have a dip to 140 ish and a peak at 147.000 above monthly resistance of 145.000.
Price action also seems to be similar in the way it is mirroring previous upward movements.
Entered Trade at 140.979
TP 1= 142.185
TP 2= 145.000
TP 3= 147.000
Expect possible push towards Weekly Trend Line to start the week... Looking for an entry point around 130.750 region, however will have to assess early market movements to confirm entry.
Currently Stoch Oscillator on both the monthly and 4H chart are indicating overbought with the daily also creeping into overbought territory (81.36).
On the 4H the overbought...
Range Bound- Expected retrace of EUR to test Daily T Line at 1.15350 before a bounce to Monthly Resistance. Further backed up by RSI touching overbought territory. Bullish momentum over next few weeks could see breakout of monthly TP.
Range Bound- Expected retrace of EUR to test Daily Support of 128.8000 before a bounce to 130.4980. Bullish momentum over next few weeks could see monthly TP of 133.8000 tested before a retrace to new resistance area of 130.4980.
New to Forex so any feedback would be welcome... Currency looks to be moving in a range between upward trend line breaking resistance twice at 128.1664 and recently at 130.099. If currency holds above resistance then possible break higher potentially hitting target of 132.000