GBP/USD forecast: Still short
Here is what to expect on the GBP/USD Pair
RECAP:
In our previous analysis GBP/USD was trading at 1.39069
We expected a movement to the downside as the pair had reached new year highs of 1.39 and was getting close to the edge of its ascending channel.
We expected a very bullish DXY this week
The pair continued a move to the upside reaching highs of 1.39510, triggering our buy stop which was immediately rejected by our system as it registered as a false breakout. We also expected this to happen and cautioned that monitoring this entry would be advisable in our previous analysis.
We then opened new Sell orders at this level after our bearish shark formation from our previous analysis had extended to this level.
The pair then fell as expected triggering our sell stop at 1.38800 which we also banked at 1.38700. In total we managed to bank 1600 pips,
WHAT TO EXPECT:
Currently trading at 1.38943
We expect GBP/USD to continue its downward trend and try to break support at 1.38800-1.38600 zone.
if it manages to break below this level we expect the pair to test the previous low of 1.37500 before a reversal back to the 1.38 zone
On the other hand if GBP/USD struggles to break resistance at 1.38800-1.38600 and reverses back to 1.39 we expect the pair to test previous highs of 1.39510
OUR POSITIONS:
Currently @: 1.38943
Sell Stop @: 1.38800
Sell Stop TP 1 @; 1.38600
Sell Stop TP 2 @: 1.38000
Buy Stop @; 1.39400
Buy Stop TP @: 1.39600
Link to Previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
RECAP:
In our previous analysis GBP/USD was trading at 1.39069
We expected a movement to the downside as the pair had reached new year highs of 1.39 and was getting close to the edge of its ascending channel.
We expected a very bullish DXY this week
The pair continued a move to the upside reaching highs of 1.39510, triggering our buy stop which was immediately rejected by our system as it registered as a false breakout. We also expected this to happen and cautioned that monitoring this entry would be advisable in our previous analysis.
We then opened new Sell orders at this level after our bearish shark formation from our previous analysis had extended to this level.
The pair then fell as expected triggering our sell stop at 1.38800 which we also banked at 1.38700. In total we managed to bank 1600 pips,
WHAT TO EXPECT:
Currently trading at 1.38943
We expect GBP/USD to continue its downward trend and try to break support at 1.38800-1.38600 zone.
if it manages to break below this level we expect the pair to test the previous low of 1.37500 before a reversal back to the 1.38 zone
On the other hand if GBP/USD struggles to break resistance at 1.38800-1.38600 and reverses back to 1.39 we expect the pair to test previous highs of 1.39510
OUR POSITIONS:
Currently @: 1.38943
Sell Stop @: 1.38800
Sell Stop TP 1 @; 1.38600
Sell Stop TP 2 @: 1.38000
Buy Stop @; 1.39400
Buy Stop TP @: 1.39600
Link to Previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
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