GBP/USD reached a very crucial and decisive level this week despite giving back 'almost' all it's gains on Friday.
The 1.3299 high of Thursday hit the bottom of the primary support trend line formed in January, 2017. This could be seen as a case of support to resistance, however, if you look at the yellow highlighted area on the chart you will notice that there is still hope for bulls as long as price does not close below the 1.2900 level.
Note also where price closed this week, namely, at 1.3077 just above the second trend line cross over level formed by the secondary resistance and support trend lines. The first trend line cross over level is formed by the intersection of the primary and secondary trend lines at 1.2987, which is where the 50SMA is at currently.
The 1.2900 level is also key and a highly likely level for a bullish trend continuation because it is a Fibonacci confluence zone, both the 61.8% retracement from 1.1986 to 1.4377 and 1.2662 to 1.3299 are just 6 pips apart, and the monthly pivot point is also almost exactly at that level, too.
I have included a potential bullish AB=CD pattern as a trade idea: Entry: Close above 1.2900 S/L: 1.2790 T/P: 1.3545 As always, scale out your profits and adjust your stop/loss to suit your personal risk management profile.
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.