Weekly Analysis - Cashing in on the pound (GBP)
Weekly Analysis on the GBP Pairs
GBPUSD D1 Chart – Bounced towards the 200MA
The pair crept up the entire week towards the 200 daily MA. If the pair breaks 1.2540 early in the week, we could see it easily move to 1.2660/80. The 200 daily moving average should naturally serve as a strong resistance level for this pair. A level to watch for a short.
GBPUSD H4 Chart – Bullish Bat & Bearish Shark
The H4 chart presents trading opportunities for both the bulls and the bears. A Bullish Bat completing around the 1.2150 levels and the Bearish Bat around the 1.2750 levels. Currently sitting on the H4 200 MA.
GBPJPY Trade Review : Last week’s Bullish Gartley Setup (+105pips)
GBPJPY completed the Bullish Gartley at the time of writing last week’s analysis (read HERE). Triggering the long trade at the beginning of the week, it was supported well at the PRZ and then eventually moved in the direction as per expectations to capture +105 pips of profits.
GBPJPY H4 Bullish Bat Completing higher
With the GBPJPY H4 chart breaking above the recent highs of 134.00, it is giving us a bullish vibe. Possibly towards the completion of the Bearish Bat pattern at around 136.00. Could possibly look to go long all the way to the PRZ.
GBPCHF H4 Chart Bearish Bat Pattern
The GBPCHF pair completed the Bearish Bat pattern. I have personally missed this trade. For those who managed to, you should be currently up by +40pips now. An opportunity to go short will be if the pair retests to PRZ again. Will be following this opportunity this coming trading week.
Good luck everyone. Trade right and trade safe, the profits will come rolling in naturally.
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