Weekly setup for GBPUSD
Cable staged an impressive rally last week and advanced from 1.4450 to 1.4730. We managed to capture this rally almost in full see 23rd May – GBPUSD – Long
The pair formed double top at 1.4740 and printed lower since. I would expect Cable to continue the current downtrend in the short term but the downside should be limited and this market is likely to be higher in the long term
BULLS
If you are a bull, you should be looking at the current correction as an opportunity to enter longs on pullbacks. I expect the price to carry on lower towards 1.4450. This is 38.2% Fib retracement from the recent double top, the bottom border of the ascending channel and a solid support level, former resistance. These are reasons enough to consider long entries.
BEARS
Bears should be in already in position since last week. For those who are late, there should be many opportunities to enter shorts. I advise to wait for the price to pull back towards the recent resistance former support on intraday timeframes. To learn how to execute this strategy, I advise to read
8 profitable day trading strategies (that you can use right now)
humbletraders.com/day-trading-strategies/
This is strategy number 5.
Looking at 15min chart, there is a resistance – former support at 1.4645 area. This level should be a good zone to enter shorts. Stops should be place above the recent highs at 1.4730.
The pair formed double top at 1.4740 and printed lower since. I would expect Cable to continue the current downtrend in the short term but the downside should be limited and this market is likely to be higher in the long term
BULLS
If you are a bull, you should be looking at the current correction as an opportunity to enter longs on pullbacks. I expect the price to carry on lower towards 1.4450. This is 38.2% Fib retracement from the recent double top, the bottom border of the ascending channel and a solid support level, former resistance. These are reasons enough to consider long entries.
BEARS
Bears should be in already in position since last week. For those who are late, there should be many opportunities to enter shorts. I advise to wait for the price to pull back towards the recent resistance former support on intraday timeframes. To learn how to execute this strategy, I advise to read
8 profitable day trading strategies (that you can use right now)
humbletraders.com/day-trading-strategies/
This is strategy number 5.
Looking at 15min chart, there is a resistance – former support at 1.4645 area. This level should be a good zone to enter shorts. Stops should be place above the recent highs at 1.4730.
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