GBPUSD Weekly Analysis 14-01-23
Updated
Update weekly GBPUSD
Strength
1) As you can see from the price action candle indicate there wil be further going north.Long bias
2) A Potential Inverted head and shoulder pattern soon will be formed, Based from the price action
3) My TP1 will be on the YELLOW for short term profit. Long term TP2 will be on the GREEN
Weakness
1) I added for fibonacci retracements,indicates price rejected at 0.5 for several weeks. So if breaks ABOVE 0.5,next one will be heading to GOLDEN RATIO (61.8)
Conclusion
I am still LONG bias on GBPUSD for the further weeks.
Therefore daily routine i will be searching for good BUY setups whether based on pattern, trend S/R etc
Strength
1) As you can see from the price action candle indicate there wil be further going north.Long bias
2) A Potential Inverted head and shoulder pattern soon will be formed, Based from the price action
3) My TP1 will be on the YELLOW for short term profit. Long term TP2 will be on the GREEN
Weakness
1) I added for fibonacci retracements,indicates price rejected at 0.5 for several weeks. So if breaks ABOVE 0.5,next one will be heading to GOLDEN RATIO (61.8)
Conclusion
I am still LONG bias on GBPUSD for the further weeks.
Therefore daily routine i will be searching for good BUY setups whether based on pattern, trend S/R etc
Note
Why I consider UPTREND ??Because already breaking 1.22932 from the candle On 1st aug in the weekly candle
thats why i am beginning to find BUY setup after the breakup
Trade active
Lets see if this week can break above fibo 0.5
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