sybuhat

Analysis on GBP/USD. Long or Short?

FX:GBPUSD   British Pound / U.S. Dollar
FX:GBPUSD

Time Frame: 1H
Market Structure: Healthy Up Trend (Respecting EMA50)
Levels to Consider:

Major Trend Line (Down) - around 1.2680
Major Resistance (Down) - 1.2617

If Major resistance breaks we could see a test for major trend LINE or else possibly another chance of down trend for a week.

If Major resistance rejected we could see a retest at 1.2507.
Comment: Will update this chart every now and then.
Comment: Wait for a crossover candle at 1.2617 to confirm.
Comment: We just saw a retest at the trend line, wiping out the sellers. Buyers are at hand!
Trade active: It just broke out from massively from 1.2617. We want to see major trend line to be broken at 1.2675-1.2680.
Trade active: It just closed above 1.2617 with a good bullish candle. This is a possible breakout to the Major Trend Line.

Comments

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