My 2 cents for the GBPUSD is a long BIAS with first Target at 1.375.
Bias based on the following factors
1. Rejection of the daily candle(2018 Jan 11) off the 18 EMA and upward trend line.
2. Rejection closed candle above major key level of 1.350
3. Moving averages show a bullish momentum
4. A noticeable cup pattern formation formed and completed.
It must be noted that a daily resistance at 1.358 as well as the downward trend line might hinder analysis but my bias still remains long.
Bias based on the following factors
1. Rejection of the daily candle(2018 Jan 11) off the 18 EMA and upward trend line.
2. Rejection closed candle above major key level of 1.350
3. Moving averages show a bullish momentum
4. A noticeable cup pattern formation formed and completed.
It must be noted that a daily resistance at 1.358 as well as the downward trend line might hinder analysis but my bias still remains long.
Comment:
Pair reached high of 1.3743, a shy 7 pips away from target. All in all good set up. perhaps target shall be reached on opening of market.
Comment:
Target reached