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GBPUSD | Perspective for the new week | Follow-up

Despite the rebound in UK consumer confidence in February and the GfK’s consumer confidence indicator jumping seven points to -38 (a 10-month high), the Pound Sterling relinquished its previous gain to close the week above a strong demand zone at the $1.19000 zone. Supported by strong economic data, the demand for the Greenback has virtually increased in the last couple of weeks to send a bullish statement going into the new week. Will the Pound find support this week or will the continued selling pressure breach the $1.19 level to incite a sell-off? We shall rely on key economic data this week for liquidity and insights on potential trading opportunities. This video illustrates from a technical perspective what we are looking out for in the coming week(s).

00:48 Reference to last week's daily commentaries and results
03:20 GBPUSD Technical analysis on Daily chart
08:35 Macroeconomic events to look out for the week
10:25 GBPUSD Technical analysis on 4H Timeframe
11:25 Conclusion on next week's expectation on GBPUSD

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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As we anticipate the macro economic events today (Nondefense Capital Goods Orders ex Aircraft and Durable Goods Orders), price action is caught within a flat channel where a breakout or breakdown will welcome trading opportunities. Update coming up soon

Good morning

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In an anticipation of the macroeconomic events coming up in 5 minutes (Durable Goods Orders and Nondefense Capital Goods Orders ex Aircraft); Secure the buy position as selling pressure is observed in the last couple of hours.

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Secure all buy positions as second position was triggered at the breakout of 1.20000 level as projected.

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Secure all buy positions

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3 positions now running in profit; secure all positions now

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UPDATE

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The US Dollar has begun to accumulate buying pressure across its major pairs and it appears there are traces in this market structure as selling pressure continues below the $1.20600 level. So, we shall be using the newly identified trendline as a yardstick for selling opportunities with our eyes still on a possible breakout/retest of the 1.20600 level.

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The final breakdown of the trendline triggers sell position. Secure position as we look forward to more opportunities. Eyes are still on a possible breakout/retest of the 1.20600 level.

Good morning

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buying pressure resumes

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Buy position triggered as price action takes out the sell position at break-even. Secure position

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Secure all buy positions as we remain bullish as long as price continue to trade above the bullish trendline. A breakdown of the trend line has a tendency of negating the bullish momentum.

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Sell stop order was triggered following the breakdown of the bullish trendline.

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Price action takes out all sell positions as buying pressure resumed above the 1.20250 level. Due to the resumed buying pressure, a breakout/retest of the 1.20600 level will be welcoming buying opportunities.

Good morning

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Secure buy positions

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Selling pressure resumes following Bailey's speech (BoE governor) as the price takes out the buy position. As we look forward to the price climbing above the 1.20600 level for buying opportunities, we won't ignore the possibilities for selling opportunities at the breakdown/retest of the 1.20250 level. Update coming soon

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Sell position is triggered but the price is back to the entry point. Still holding on to the bearish bias. However, a breakout/retest of the 1.20600 level will welcome buying opportunities.

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Secure sell positions as selling pressure continue. The bearish trendline will guide trading activities going forward.

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Fresh new perspective on the 1H timeframe

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Secure all sell positions as selling pressure continues.

Good morning

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Buying pressure resumes as price action respects the demand zone. So, a breakout/retest of the 1.20000 and trendline will welcome buying opportunities.

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secure all sell positions

Trade closed manually

Sell positions taken out with some profit as buying pressure resumes. Update coming up soon

Good morning

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After missing out on the bullish momentume at the breakout/retest of the 1.19570 zone, we have a privilege of joining the continuation at the breakdown/retest of the 1.19800 area.

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During our morning live session; this is what we saw on the 15 minutes timeframe

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Secure buy position

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Sell pressure resumes, bias will shift to bearish expectation if this leads to the breakdown of the support level of the channel at the 1.19730

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Secure buy position as selling pressure resumes

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Sell pressure resumes as price action takes out the buy position with a small profit.

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secure positions

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darcsherry

Trade smart. Trade consciously

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