GBPUSD | Perspective for the new week | Follow-up

Updated

The Greenback's biggest gains in the last week have been against the Pound sterling after the BoE's dovish hint that it may have finished raising interest rates after a 50 basis points hike last Thursday. However, the higher-than-expected non-farm payroll data of 517,000 jobs in January did not help matters as the Pound slumped further to close the week below the 1.21000 level hereby recording a 2.7% decline in value. This video illustrates a detailed technical perspective on what to expect from the current market structure in the new week.

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So, price action has been caught within a consolidation phase ($1.20650 & $1.203000 range) since the beginning of the week. Waiting for a signal for trading opportunities at the breakout of this channel.

Good morning

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Sell position triggered as price action break down the support level of the channel

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Sell bias still valid

Good morning

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UPDATE

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Price action takes out the buy position as buying pressure resumes; we might be in for a retracement phase in anticipation of the Fed's Chair Powell speech later in the day. So, risking a buy position if a breakout/retest of the trendline & 1.20400 happens. Remember, our sell option still remains valid below 1.20300... update coming up soon

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Secure all sell positions as price action breaks down the 1.20000 level to trigger the second position

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Secure sell positions

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Waiting for more opportunities

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Get ready for the buy expectation as price action takes out the sell position with a small profit.

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Here we go! Secure buy positions as two positions are currently running since the breakout of the 1.20400 level

Trade closed manually

Price action takes out the positions and still looking forward to buying opportunities above the 1.20400 level

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Secure the buy position as selling pressure resumes, risking a sell below the 1.20400 zone where a further breakdown/retest of the 1.20300 level will welcome additional position.

GOod morning

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Secure buy positions

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UPDATE

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Secure all buy positions as selling pressure resumes below the 1.21000 level. As discussed during our live session this morning (video on my channel), the newly identified bullish trendline shall be guiding our buy position going forward. And a breakdown/retest of the trendline (1.20850 level) shall welcome selling opportunities.

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UPDATE

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Price action takes out the sell position with a small profit as buying pressure resumes at the 1.20650 zone. We shall be looking at how price action reacts to the 1.21000 level for trading opportunities.

Good morning

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Secure the current buy position as price action breaks out of the 1.21000 level for the first time this week

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Secure the buy position as we look forward to another opportunity at the breakout/retest of the 1.21500 level. Note that we are at a critical point where this level shares a confluence with a trendline where the possibility of selling momentum could come in if selling pressure resumes below this structure. Check the video of our live session channel for detail illustrations

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Secure all buy positions as we witness a second position triggered at the breakout of the 1.21500 Level

Trade closed manually

Taken out of the buy positions with a small profit of 50pips. We now have a new trendline to guide trading activities going forward. Still looking forward to the breakout/retest of the 1.21500 for buying opportunities. However, if price action breaks down the bullish trendline we shall be looking out for selling opportunities.

Note

Price action breaks down the trendline for the first time this week. So let's see how price action reacts to the key level at $1.21000 level for an informed decision. Update coming up soion

Good morning

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Markets have remained indecisive in the last 11 hours as all eyes remain fixed on the outcome from Michigan Consumer Sentiment Index which is coming up in 45 minutes, In that regard, this is what I see from another technical angle on the 1H timeframe.

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Sell position triggered as price action breakdown the 1.20900 Level

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Be Happy!

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Second position triggered at the breakdown of the 1.20650 level

darcsherry

Trade smart. Trade consciously

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GBPUSD | Perspective for the new week | Follow-up

by darcsherry

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