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GBP/USD Forecast: Short then long
Here is our analysis on GBP/USD
RECAP:
In our previous analysis GBP/USD was trading at 1.38200
We were bullish on the pair but still cautioned some downward movement on the pair due to a bullish DXY
The pair touched support @ 1.37800 triggering our Sell Stop & hitting our TP @ 1.37800
Banking us 400 pips on the pair.
WHAT TO EXPECT:
We are still bullish on the pair.
We expect the pair to break above resistance @ 1.38600 & test next resistance @ 1.39500
If the pair fails to break above resistance @ 1.38600 we expect it to fall to support/resistance at 1.37500
We have set-up a triangle formation on our 4H chart using trendlines to guide us in placing our positions
Pair has to break above downtrend trendline to confirm upward movement
OUR POSITIONS:
Currently @: 1.38300
Buy Stop @: 1.38800
Buy Stop TP @: 1.40
Sell Stop @: 1.37700
Sell Stop TP @: 1.37500
link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
RECAP:
In our previous analysis GBP/USD was trading at 1.38200
We were bullish on the pair but still cautioned some downward movement on the pair due to a bullish DXY
The pair touched support @ 1.37800 triggering our Sell Stop & hitting our TP @ 1.37800
Banking us 400 pips on the pair.
WHAT TO EXPECT:
We are still bullish on the pair.
We expect the pair to break above resistance @ 1.38600 & test next resistance @ 1.39500
If the pair fails to break above resistance @ 1.38600 we expect it to fall to support/resistance at 1.37500
We have set-up a triangle formation on our 4H chart using trendlines to guide us in placing our positions
Pair has to break above downtrend trendline to confirm upward movement
OUR POSITIONS:
Currently @: 1.38300
Buy Stop @: 1.38800
Buy Stop TP @: 1.40
Sell Stop @: 1.37700
Sell Stop TP @: 1.37500
link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
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