GBPUSD: Two Scenarios For Next Week!

18 apr 2020

hey guys,

its the update for my previous post on GU.

on Friday we have not seen any strong movement and for now, it is clear that the pair is stuck in consolidation:
from Thursday the pair is trading within 1.252 - 1.242 and market participants are waiting for some trigger.

next week pay attention to a breakout of the range.

in case of a bullish breakout, the market will most likely continue a bullish rally following the current bullish trend.
we will aim at the retest of the current high - 1.263

in case of a bearish breakout, the market may go lower and we will aim at 1.232

let the market decide its direction and then just follow!

I am still long-biased here based on the previous price action. but who knows...

good luck and have a great weekend!