GBPUSD#1--->Waiting time:#Technical_analysis and #Orders
Good day dear #investors and #colleagues traders!
Your attention a technical analysis of the currency pair #Gbpusd:
#Comment_to_past_week:
The currency pair was not able to take advantage of the positive macro-economic data that came out last week. # Pound paid more attention to verbal statements of politicians #Britain and #EU, which pushed him down and by the end of the week he sank 90 points (0.69%).
Many market participants expected more negative data, as they came out a month after #UK left the EU.
#Technical_analysis:
Globally (D1):
The foggy Albion currency continues to be in the downward channel. Along with this, it should be noted that the price behavior has fixed the bulls' possible hope for a change in this trend.
The currency pair went through excellent consolidation on February 20. Good growth after this consolidation and a “buyback” in the event of a pair failure in the zone 1.2890-1.2900 tells us that the bulls are currently forming a double bottom with the target of 1.3143 - 1.3184.
However, this formation is possible exclusively, provided that the pair can fix above 1.3020.
Locally: (H1-H4):
And also, this currency pair today formed an excellent picture and created an upward channel that confirms the global theory. However, even at the local level, resistance 1.2980-1.3000 plays a key role in understanding further price movement.
By tradition, we call the weekly support and resistance zones:
A) Support: 1.2852 and 1.2748.
B) Resistance: 1.3057, 1.3158 and 1.3262.
#Position_Orders:
Last week, we recommended: sale from 1.3029 and #takeprofit 1.2870 and #stoploss 1.3108 and it worked.
This week, we took a wait and see position, for a clearer understanding of the direction of movement.
Regards to subscribers,
Ltd ”Wermelgion and Partners Investment”
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