GBPUSD : The edge 9.5
Let's keep it simple and understandable.
2007-2020 lower high descending trend-line which was broken to up-trend Mid 2020.
Currently between 1.198-1.2250 is the retest range of this breakout and up-trend support.
The bounce from the retest may take GBPUSD to 1.2680 quickly on it's route back to the weekly trend breakout.
At the same time, we have a high potential bullish reverse head and shoulder that is forming around the retest area as a second shoulder.
The Dollar is stretching around extreme overbought conditions and historical horizontal level of resistance.
This is in line with the retest which is currently ongoing.
Make informed decisions trading and always consider the bigger picture.
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Thank you so much for reading, if you found my idea useful please like and follow - It would truly mean a lot to me.
If you have any questions please don't hesitate to ask - I'll be more than happy to respond to each and everyone.
Best of luck and enjoy your trading :)
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2007-2020 lower high descending trend-line which was broken to up-trend Mid 2020.
Currently between 1.198-1.2250 is the retest range of this breakout and up-trend support.
The bounce from the retest may take GBPUSD to 1.2680 quickly on it's route back to the weekly trend breakout.
At the same time, we have a high potential bullish reverse head and shoulder that is forming around the retest area as a second shoulder.
The Dollar is stretching around extreme overbought conditions and historical horizontal level of resistance.
This is in line with the retest which is currently ongoing.
Make informed decisions trading and always consider the bigger picture.
---------------------------------------------------------------------------------------------------------------------------------
Thank you so much for reading, if you found my idea useful please like and follow - It would truly mean a lot to me.
If you have any questions please don't hesitate to ask - I'll be more than happy to respond to each and everyone.
Best of luck and enjoy your trading :)
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Trade active
1.217 was the lowest point reached and is possible within the retest zone of the breakout up! Lowest expectation remains at 1.198.
Upside is far more significant with projecting of 1.2680 possibly by weeks range.
Trade active
Keeping above right shoulder and bullish! 1.268 within immediate reach :)Trade active
Very close to 1.268! Only 50 pips away currently trading at 1.263That's about 500 pip of a catch in 16 trading days.
Trade closed: stop reached
Caught movement of 500+ pip but missed 1.268 by about 40 pip. Overall great trade with reach slightly less than expected
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.