Breakout confirmation is clearly seen in 1 hour Time frame. Waiting for the USD Employment news release that is release on the Friday which tend to price to hit TP's as soon as possible.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.3100). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPUSD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
The pair ended a cycle up in wave ((1)) from the 9/3/2019 lows at 1.3519 on 12/13/19. From there a cycle in wave (A) ended at 1.2904 where the hourly is turning up. While a bounce fails below the 12/13/19 highs it can see a pullback correct the cycle from the 9/3/19 lows. While it shows it will remain above the 9/3/2019 lows where the 4 hour right side is up it...
The pair ended a cycle up in wave ((1)) from the 9/3/2019 lows at 1.3519 on 12/13/19. From there a cycle in wave (A) ended at 1.2904 where the hourly is turning up. While a bounce fails below the 12/13/19 highs it can see a pullback correct the cycle from the 9/3/19 lows. While it shows it will remain above the 9/3/2019 lows where the 4 hour right side is up it...
We still expect to get more tangible evidence of the positive impact on business confidence from the abating political risks later in the U.K. this month
risk of a no trade deal Brexit still looming large on the horizon,
Only Just Wait for Retracing. If It is done then its accurate confirmation that price will move downtrend. If Not then Its clear that price move downtrend without retracing.
GBPUSD, often referred to as “The Cable”, a foreign exchange term used to describe the British pound vs the US dollar, is one of the oldest traded currency pairs. In July of 1866, after an earlier failed attempt, the first reliable exchange rate between the British pound and the US dollar was transmitted between the London and New York Exchanges. Optic fibre cables accompanied by satellites handle the Transatlantic communications today.
This website uses cookies to ensure you get the best experience on our website. To learn more about cookies, including how to control cookies, please read our Cookies Policy.
