Analysis of H4 Chart Timeframe
GBPUSD is trading above EMA 50
Cable needs to break above EMA 100 resistance of H4 chart to continue its upward move. – 1.38850 –
Breakout and closed above 1.38850 will carry the price 1.39200.
Above 1.39200, 1.39500 – Trend Line and Murrey Math Resistance – is located.
Breakout of 1.39800 will be the confirmation of the end of the midterm bearish trend.
Stop Loss of the Long Trades can be placed below Fibonacci 38.2 of the CD Move, somewhere 1.38200-1.38300
GBPUSD is trading above EMA 50
Cable needs to break above EMA 100 resistance of H4 chart to continue its upward move. – 1.38850 –
Breakout and closed above 1.38850 will carry the price 1.39200.
Above 1.39200, 1.39500 – Trend Line and Murrey Math Resistance – is located.
Breakout of 1.39800 will be the confirmation of the end of the midterm bearish trend.
Stop Loss of the Long Trades can be placed below Fibonacci 38.2 of the CD Move, somewhere 1.38200-1.38300
Trade active
The first Target Reached. You can close the 30% of the positions and move SL to entry.
Note
Cable pulled back to EMA Support and headed North again. However, like other USD pairs, GBPUSD is looking for a fresh direction.US Core CPI will be released today 12:30 GMT.
We keep our Bullish positions as long as the price remains above EMA 50 – 1.38600 –
If the price breaks below 1.38600, we have a bullish shark pattern which will be completed at 1.37900
On the upper side: 1.39200 remains as a resistance. – This was our first target of yesterday – If the price breaks above 1.39200, 1.39500 will be the critical level. Shortterm bearish trend may end with the breakout of 1.39500.
We are not the market makers. We can just adapt ourselves to the markets’ conditions. The choppy market is the worst thing a trader wants. So let us stay away till cable gets a fresh direction.
1.39200 and 1.38600 would be the levels we focus on.
Trade closed: target reached
Trade reached the Third Target.
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For alerts,special reports,news and singals over 15.000 + instruments our free discord channel
discord.gg/4DrmXHfvnG
About AI Discord Channel: bit.ly/470HjmP
Ücretsiz Discord Kanalımız
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About AI Discord Channel: bit.ly/470HjmP
Ücretsiz Discord Kanalımız
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Related publications
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.