Long

GBPUSD | Perspective for the new week

Mis à jour

The U.S. dollar plunged as the Pound sterling graduated to near one-week highs which appears to be a result of the intervention by the Bank of England and announcing emergency bond buying. Despite a solid bearish momentum which has characterized this market since the beginning of the year, I am of the opinion that we might be witnessing a temporary bullish momentum in the new week which could turn out to be a retracement of the bearish impulse leg.

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Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Transaction en cours

Even as I expect price action to plunge into the neckline identified in the video at the $1.09000 zone but since the beginning of the week, the price appears to be respecting the bullish trendline leading to the break out of structure at $1.11750 to set the tone of a trend continuation. So, in the meantime I will be using the $1.11750 level to guide any bullish opprotunity.

Good morning

Transaction en cours

I closed the buy position after sighting a lower high and I am of the opinion that the price might break down/retest the bullish trendline to plunge into the neckline at the $1.09000 zone as projected earlier.

Breakout of 1.12300 could be bullish

Transaction en cours

80pips in profit; moving my stop-loss

Transaction en cours

190 pips in profit as price action continue to move as expected; moving stop loss

Good morning

Transaction en cours

With over 190 pips running in profit, It's appropriate to secure our position at this point. It is also important to take note of how we have been witnessing selling pressure from the $1.14000 level in the last 6 hours which could evolve into a reversal pattern. However, if a breakout/retest of the $1.14000 zone happens, I want to add one position to my existing buy position.

Transaction en cours

Stopped out with over 200pips in profit after noticing multiple rejections of the $1.15000 zone by the sellers. Now there are two scenarios that I am looking at today to join a potential trend continuation or reversal possibilities. So, the $1.14000 level is a significant level to look at at this juncture in the market. If multiple rejections of this level by the buyers is observed, then planning to buy will be an option. However, if a breakdown/retest of this level is observed, a reversal pattern leading to price plunging into the bullish trendline might be an opportunity to join the potential second wave of bullish momentum for the week.

Good morning

Transaction en cours

UPDATE
We witnessed price action plunge in the last 12 hours as I am expecting to see a reversal pattern above or around the bullish trendline to join the potential second wave of the bullish momentum.

Transaction en cours

Potential trend continuation pattern identified

Good morning

Transaction en cours

I still await the bullish signal in the form of a breakout/retest of the $1.13500. However, if I witness the breakdown/retest of the bullish trendline then a momentum shift will be considered.

Good morning

Transaction en cours

So, we finally witnessed a breakdown of the trendline to insinuate a momentum shift. Since the price hit its highest point this week at the $1.15000 zone, price action appears to have evolved into a reversal pattern as we a lower high which led to the breakdown of the neckline at $1.12500.

Transaction en cours

All eyes remain focused on the outcome of the NFP today.
In the last 12 hours, I have monitored price movement and the price appears to be caught within a channel ($1.12000 and $1.1900) hereby resulting in a bearish rectangle pattern. I still await a signal in the form of a breakout/breakdown of this channel to make an informed decision... Update coming soon.

Good morning

Transaction en cours

Positive NFP result incites Dollar strength; moving stop-loss

Note

130pips in profit from this position and a total of 330pips in total for the week(bullish position on Monday).

Happy weekend

darcsherry

Trade smart. Trade consciously

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GBPUSD | New perspective

par darcsherry

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