WHERE IS GBPUSD HEADING…
Welcome to this week’s newsletter!
Before we get into it click here to follow free regular updates of the markets:
WHERE IS GBPUSD HEADING?
GBP/USD to remain bullish after breaking through the key level of 1.3750, is there a strong possibility we move to 1.4?.
But where is the currency pair heading?
The current weekly candle close was a bullish close above the previous key level of 1.3750 showing price wants to find higher price. Therefore we expect the GBP/USD to remain bullish. When trying to identify where the market will move to next always look left. When looking left we can see a large consolidation pattern followed by a strong downtrend. This suggests that should price enter this price zone again we could expect sellers to enter the market again and therefore see a move lower from 1.4.
The most traded level through this area is 1.3977, we define this by the daily closing prices , opening prices and tips of wicks all interacting at the price point. This could be a level for the market to test before we can determine its next move, lower or higher.
The 4hr timeframe could offer short-term long opportunities should we see a correction back to the previous lows of 1.3785 or if the price breaks higher first we could look for an opportunity on a re-test of the current swing highs of 1.3866.
If you would like to be part of a trading community that supports you 24/7 with live trading rooms throughout the week and a 24/7 Mastermind group click here to join.
FREE TELEGRAM CHANNEL…see you soon.
If you are interested in the Live Traders Club and how it can help you become a better trader, please click the link!
Want to see regular free technical analysis? Click here and subscribe!