GBP/USD - What makes Sterling Rally ? is this sign of reversal ?
According to the recent structure and pattern (rising wedge H4), the possibility pair GBP/USD will continue its bullish trend on time frame H1 may happen soon and will try to re-test the resistance area on the Double top. Currently there is no sign yet the bull takes control if the current price at time frame Daily, breaks the downtredline. However if there is an optimism about the Brexit negotiation, pound is having potential uptrend moves to break the downtrendline. As we know that Boris Johnson wants a comprenhesive free agreement deal which EU wants may only a Bare-bones deal.
Will bearish trend of pair GBP/USD end by this year ?? Technically pair GBP/USD is endured on the area FR 61.8% and potentially will break the resistancy area at Double top and create a "V Shape". As we know that, current rise of pair GBP/USD got benefit too from the weak DXY after the Lockdown is relaxed by the beggining of June. According to the schedule on June there will be a progrees check how much the progress has been made and EU official said suppose the deal must be presented to European parliament on 26 November 2020.
Pair GBP/USD may the only one pair will do uptrend movement on "HOPE" while another major currency getting weaker against US Dollar due to USD may get stronger because of correction movement may happen soon for short term period (Will strong Jobs report surprice last week influenced the stronger US Dollar this week ??)
Long : 1.2598 (once penetrate FR 61.8%) / this current position is a counter part trend position, need to be considerated!
SL : 1.2420
TP : 1.3267
Disclaimer On!
Will bearish trend of pair GBP/USD end by this year ?? Technically pair GBP/USD is endured on the area FR 61.8% and potentially will break the resistancy area at Double top and create a "V Shape". As we know that, current rise of pair GBP/USD got benefit too from the weak DXY after the Lockdown is relaxed by the beggining of June. According to the schedule on June there will be a progrees check how much the progress has been made and EU official said suppose the deal must be presented to European parliament on 26 November 2020.
Pair GBP/USD may the only one pair will do uptrend movement on "HOPE" while another major currency getting weaker against US Dollar due to USD may get stronger because of correction movement may happen soon for short term period (Will strong Jobs report surprice last week influenced the stronger US Dollar this week ??)
Long : 1.2598 (once penetrate FR 61.8%) / this current position is a counter part trend position, need to be considerated!
SL : 1.2420
TP : 1.3267
Disclaimer On!
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