At the beginning of the month of February we can see price changed to a bullish market structure where market managed to reach the mayor level 1.30 after the shift, in todays price point i do see a continuation on the bullish side for GU because if you look at the chart, price retraced perfectly and retested the initial trendline where the market shifted, after that we got a high volume weekly candle confirming that the trend is holding firm and wants to continue bullish, not only that, price also during the time GU was finding its ground for a move from 1.30 we can see price created a nice Support Level at 1.29 which price broke 1.29 but also 1.30 the mayor level and with not more bearish areas to clear out i do believe price will retrace to retest one or both of the Levels Broken ( 1.30 - 1.29 ) before pushing to 1.34, of course there are more confluences like a Daily FIB where if you take the lowest point ( around 1.25700) to the highest point where price faked out ( around 1.23 ) before retesting the Trendline we can see the 27 ext. be marked exactly at 1.34, not only that if price does come and retest 1.30 or 1.29 we will get that nice daily Inverted H&S Pattern where the Sentiment for GU will come out strong and therefor Traders will get a bullish perspective if they don't have it now. We do have some GBP and USD News for this week and if the DATA once released favors GU i do believe price will reach a PEAK at 1.36 ( 61 Ext. Daily FIB )
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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.