Hi Traders,
Happy Friday, on the last day of the Trading week I have my eye on GBP/USD, a simple setup awaits, today is not the day to force anything, all we need to do is wait for price to show us what it wants to do and act accordingly, Price is currently hovering around 1.26200 which ties in with a previous resistance which is currently holding as support. We have a channel showing the range price has been playing in for a while and I would love to see price hold this level.
We have minor resistance at 1.26300 which I need to be taken out before I can consider buying this instrument, I also love the fact that we are now a few hours into the London session and price has not made its move for the session yet.
If price breaks the ascending trendline I will sit on my hands and let it be as we have strong bullish momentum on the higher timeframe, However, We need to keep in mind that today is Friday and the market could be pulling back for the day.
let's wait and see what the market will give us.
Happy trading
Renaldo Philander
Happy Friday, on the last day of the Trading week I have my eye on GBP/USD, a simple setup awaits, today is not the day to force anything, all we need to do is wait for price to show us what it wants to do and act accordingly, Price is currently hovering around 1.26200 which ties in with a previous resistance which is currently holding as support. We have a channel showing the range price has been playing in for a while and I would love to see price hold this level.
We have minor resistance at 1.26300 which I need to be taken out before I can consider buying this instrument, I also love the fact that we are now a few hours into the London session and price has not made its move for the session yet.
If price breaks the ascending trendline I will sit on my hands and let it be as we have strong bullish momentum on the higher timeframe, However, We need to keep in mind that today is Friday and the market could be pulling back for the day.
let's wait and see what the market will give us.
Happy trading
Renaldo Philander
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.