GBP/USD Forecast: Long then Short
Here is our analysis on GBP/USD:
RECAP: (Previous Analysis)
In our previous analysis GBP/USD was trading at 1.39700
We were bearish on the pair but did caution that the pair might reach 1.40 before falling back to the 1.38
The pair did exactly as we predicted triggering our Sell Stop @ 1.39100 & hitting our TP @ 1.38900
enabling us to bank 400 pips on the pair.
WHAT TO EXPECT:
Currently at 1.38460
We expect the pair to be bullish from here as it is trading at the lower end of its Ascending Channel
The pair might test resistance @ 1.39100 if it manages to break above its minor resistance @ 1.38700
Failure to break above this resistance we might see the pair fall to the 1.37 level
OUR POSITIONS:
Buy Stop @: 1.38800
Buy Stop TP @: 1.39
Sell Stop @: 1.38
Sell Stop TP @: 1.37800
link to our 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: (Previous Analysis)
In our previous analysis GBP/USD was trading at 1.39700
We were bearish on the pair but did caution that the pair might reach 1.40 before falling back to the 1.38
The pair did exactly as we predicted triggering our Sell Stop @ 1.39100 & hitting our TP @ 1.38900
enabling us to bank 400 pips on the pair.
WHAT TO EXPECT:
Currently at 1.38460
We expect the pair to be bullish from here as it is trading at the lower end of its Ascending Channel
The pair might test resistance @ 1.39100 if it manages to break above its minor resistance @ 1.38700
Failure to break above this resistance we might see the pair fall to the 1.37 level
OUR POSITIONS:
Buy Stop @: 1.38800
Buy Stop TP @: 1.39
Sell Stop @: 1.38
Sell Stop TP @: 1.37800
link to our 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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