Pound against Dollar, may be bearish at initial part of the week, but it may take off from 1.37500 area to touch the last week high ,it looks like laying a bullish platform for the month of may ....
Analysis only for education purposes
IN LONG TERM CHART PATTERN IT IS BREAKING DOWNSIDE CHANNEL PATTERN AND RETESTED AS WELL, ITS A GOOD TRADING OPPORTUNITY IN 1 HR TIME FRAME WHEN AGAIN BREAKING PRECEDING RESISTANCE WITH A 2:1 RR RATIO, COT REPORTS ARE ALSO SHOWING STRENGTH IN THIS CURRENCY.
GBPUSD SETUP
GBPUSD was moving in channel making low and highs.
It create a Breakout @1.38300
Now GBPUSD Is retraceing back at retest zone @1.38500
We are seeing a BREAKOUT & RETEST SCENARIO HERE !!!
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Trade Scenario 1: Bullish - For us to go long we want to see price retest 1.3900 zone. We will then for 1.3900 to act as support. Enter on strong bullish setups, first targeting our edge of value at 1.4000 (Key Level) and expect it will travel till 1.425
Trade Scenario 2: Bearish - For us to go short we want to see price break 1.3900. We will wait for a quick...
Gbpusd trade at 1.3835 its was taken support at 1.3770 fro the strong demand zone and continue up move. now it will go upside 1.3900 at 4 hours supply zone
Pound against dollar looked bullish last week, but it closed below the resistance at the end of the week around 1.38500 , expecting it to go bearish this week, else if it shows strength , can expect a breakout trade and may price go towards 1.40 price area..
