GBPUSD - Weekly - Apr 2022
Updated
My Forex jorney has been a bit of a mixed bag of wins and losses, however since the Covid lockdown and the quick crash in the value of sterling, Ive been getting some good results... I got thrown off track by the double top Feb21-May 21, but when I realised that the double top had completed my idea has been playing out quite okay... Looking at how low the RSI is reaching and with the channel(s) that the candles have been moving through, I am looking for the trend to reverse pretty soon(1-2 weeks).
My first call for GBP's low is 1.2700, but if the price continues lower then 1.22400 could well be reached.
When the trend reverses I expect the Pound to be looking to push 1.42000 by the end of 2022.
If this plays out like predicted, I will be looking for other opportunites for profit due to the weak Dollar. If its a matter of a strong Pound, then I may take advantage and book a holiday abroad to make the most of the conversion rates!
Let me know if im missing anything!
Happy trading to one and all!
May the trend be with you!
My first call for GBP's low is 1.2700, but if the price continues lower then 1.22400 could well be reached.
When the trend reverses I expect the Pound to be looking to push 1.42000 by the end of 2022.
If this plays out like predicted, I will be looking for other opportunites for profit due to the weak Dollar. If its a matter of a strong Pound, then I may take advantage and book a holiday abroad to make the most of the conversion rates!
Let me know if im missing anything!
Happy trading to one and all!
May the trend be with you!
Note
Hi all! Its been just over a week since I posted my thoughts and plan for GBPUSD, I was hoping that it would of reached 1.22400 already, but it looks like its almost there... I'm not that good at picking/timing the trend reversal so im looking at closing my trade and waiting for the upswing to begin... If anyone can point me in the direction of an indicator that is reliable at identifying the trend shift, if you comment what you think would be good to use i will gladly give them a try.
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