GBPUSD Weekly Outlook: New perspective for the week | Follow-up

Updated

In this video, I provide a technical overview of recent events using the GBPUSD chart. The U.S. Senate has passed legislation that raises the government's debt ceiling, following a similar action by the House of Representatives. This development had positively impacted the dollar, especially when combined with better-than-expected data from the NFP, which is considered a safe haven. Furthermore, a strong Nonfarm Payrolls Report released on Friday exceeded expectations, potentially leading the Federal Reserve to raise interest rates this month. This could result in a bullish trend for the Greenback.
In the video, I focus on a technical analysis of the GBPUSD Support and Resistance Levels in the 4H timeframe. I discuss how these levels can be used to identify potential trading opportunities in the upcoming week, offering insights and analysis on the GBPUSD chart.

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

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Missed the berarish move as price action breaks down the support line at the 1.24250 Level hence patience is required at the juncture for new setups to mature. However, for you who have kept an open position over the weekend, it is time to secure sell position.

Good Morning

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From out from our most recent live session

Trade closed manually

As the price action retraces back to the first support line of the week around the 1.24250 zone, all sell positions have been closed. If there is a retest of this zone, it will present opportunities for selling. I will provide an update on the lower time frame shortly.

Note

Outlook on the 15-minute timeframe:

We are continuing to search for selling opportunities as the price action remains below our key level for the week of 1.24400. Therefore, selling opportunities are welcomed when the price is below the 1.24250 level (first support line for the week). We are currently waiting for reversal patterns on a lower timeframe to validate our selling opportunity. Additionally, we can consider setting a sell-stop order below 1.24250 with a stop-loss positioned around our key level for the week.

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As anticipated, the sell position is currently running 20 pips in profit. It is now advisable to secure the position.

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As selling pressure regains momentum, we are reverting back to our original plan, which aligns with the range identified at the beginning of the week.

Good Morning

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Secure all sell positions

Trade closed manually

All sell positions closed as price action remains choppy throughout today but a new higher low identified on the 1H timeframe is a signal that buyers are gradually gaining momentum. So, we are going to be using the levels identified on the charts as our guide going forward.

Note

Despite the fact that a higher low has occurred, the selling pressure persists as the 1.24250 zone retains its strong selling influence. If you currently hold a sell position, it is advisable to secure your position. We will continue to monitor the price action.

Good Morning

Trade active

As anticipated, the expected pattern of higher lows is starting to manifest as the price action breaks out of our key level for the week at the 1.24400 area, prompting the initiation of a buy position. It is advisable to secure all existing buy positions while remaining vigilant for additional opportunities.

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Secure buy position

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The buy position has been closed with a slight profit as the price action unfolds. As a result, we will exercise patience and closely monitor how the price responds to the weekly key level located around the 1.244000 zone for our next line of action.

Note

UPDATE

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Once everything has been accounted for, the price movement has returned to the initial range of the week (between 1.24590 and 1.24250) - precisely near the weekly key level around the 1.24400 area. We continue to regard the key level as our reference point, observing closely for any potential breakout or breakdown of this range to identify a trading opportunity.

Good Morning

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It is time to secure the buy position while remaining vigilant for additional opportunities.

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Currently, we have three positions running, accumulating a total profit of 250 pips. It is now prudent to secure all buy positions while remaining attentive for additional opportunities in case the market presents them.

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If you still have any open buy positions, make sure to secure them. After testing the new resistance line at 1.25690, the price action has been confined within a specific range as indicated on the chart. We need to exercise patience and observe how the price action responds to this range in order to decide on our next steps.

Good Morning

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Another buy position is triggered as price action breaks the 1.25690 level; secure position

darcsherry

Trade smart. Trade consciously

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GBPUSD Weekly Outlook: New perspective for the week | Follow-up

by darcsherry

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