Market Outlook and Analysis (2020 WW30)
Currency Pair: GBPUSD
GBPUSD H1 Chart – Past Week TRADE Review
A review of last week’s trade call (click to see) showed that the initial Double Top eventually became a Triple top and the price dropped. Dropped all the way to the immediate support at 1.25. Congratulations to those who followed closely, you would have locked in at least +150 pips of profits
This week, we see another potential to short
Currency Pair: GBPUSD Analysis
GBPUSD D1 Chart – Right back at Resistance
The pair did not complete the Bearish Shark pattern, got resisted by the 200DMA and dropped. Fell by about 150 pips and is now hovering around the 1.2550/1.2600 levels. A mixed GDP, CPI and Employment figures in the previous week kept the pair in a range.
Moving ahead, based on the potential no deal Brexit and the possible increase in the infection cases, we could see a risk off situation pushing the USD higher.
GBPUSD H4 Chart – Bullish Bat & Bearish Shark
Being at a Resistance level now, I have a bearish bias for this pair. However, we could potentially see:
(i) it rallying to complete the Bearish Shark before dropping, or
(ii) it goes below the immediate support 1.2500/25, then a retest of this levels again would make it an ideal level to short.
Let’s monitor the movements in the upcoming trading week.
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