GBP/USD: Forecast: Possible short then long
Here is what to expect in GBP/USD
RECAP:
In our previous analysis GBP/USD was trading at 1.38170, we expected a retracement from this level back to 1.38000-137800 before continuing its uptrend and GBP/USD did exactly that. Reaching highs of 1.38680, triggering our buy stop at 1.38400 which we closed at 1.38600 after noticing a bearish shark formation on the 4H chart, locking 400 pips on GBP/USD over 20 positions. GBP/USD could not break past this new resistance as DXY was approaching previous support at 90.4-90.3
WHAT TO EXPECT:
Currently GBP/USD is bearish and we expect it to continue being bearish till 1.37500 range which was previous resistance for the pair. A break below this will see the pair going back to previous lows of 1.37000, 1.36800 & 1.35600.
Meanwhile a bullish butterfly has formed on the M30 chart signaling a potential reversal, if confirmed GBP/USD will go back to 1.38600 and try and break the new resistance at 1.38600 enabling the pair to reach new high around 1.39000 range.
GBP/USD is still within the ascending channel.
Long term GBP/USD is still Bullish
OUR POSITIONS:
Buy Stop Positions remain the same see previous analysis
Sell Stop @: 1.37300
Sell Stop TP1 @: 1.37000
Sell Stop TP2 @: 1.36500
Previous analysis linked below
RECAP:
In our previous analysis GBP/USD was trading at 1.38170, we expected a retracement from this level back to 1.38000-137800 before continuing its uptrend and GBP/USD did exactly that. Reaching highs of 1.38680, triggering our buy stop at 1.38400 which we closed at 1.38600 after noticing a bearish shark formation on the 4H chart, locking 400 pips on GBP/USD over 20 positions. GBP/USD could not break past this new resistance as DXY was approaching previous support at 90.4-90.3
WHAT TO EXPECT:
Currently GBP/USD is bearish and we expect it to continue being bearish till 1.37500 range which was previous resistance for the pair. A break below this will see the pair going back to previous lows of 1.37000, 1.36800 & 1.35600.
Meanwhile a bullish butterfly has formed on the M30 chart signaling a potential reversal, if confirmed GBP/USD will go back to 1.38600 and try and break the new resistance at 1.38600 enabling the pair to reach new high around 1.39000 range.
GBP/USD is still within the ascending channel.
Long term GBP/USD is still Bullish
OUR POSITIONS:
Buy Stop Positions remain the same see previous analysis
Sell Stop @: 1.37300
Sell Stop TP1 @: 1.37000
Sell Stop TP2 @: 1.36500
Previous analysis linked below
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