GBP/USD bullish analytics [May 17, 2017]
Updated
Pair GBP/USD is sideways a few days, but I think will soon move,
Let's read the GBP / USD charts in this daily time by stages,
1. Green slope that began to form since the month of April 2017 lasted until now.
2. Daily line MA50(yellow) and MA100(orange) has been a strong support line since 29 March; And MA200(red) has been broken up since April 18th. The overall trend daily means uptrend.
3. MA50's weekly line has been broken on April 18 and proved to be a support line for this pair now.
4. The narrow boilinger band (dotted line) usually signifies that a fairly rapid price movement is imminent.
I think if we want to be patient and GU gives us a chance, the price in the white box is an excellent buying area. The first target was at 1.335 which was the highest price in August last year, the second target is the weekly MA100 line at 1.383.
The good geopolitical situation of Europe gives a positive sentiment to the EU pair and I think pair GU will soon follow up. A rather negative US political sentiment gives a further boost to both pairs, which I mean is the news of Comey's dismissal and the president of Trump leaking state secrets to Russia.
Let's see how this will unfold, let's look at price action first, and safe trading!
Let's read the GBP / USD charts in this daily time by stages,
1. Green slope that began to form since the month of April 2017 lasted until now.
2. Daily line MA50(yellow) and MA100(orange) has been a strong support line since 29 March; And MA200(red) has been broken up since April 18th. The overall trend daily means uptrend.
3. MA50's weekly line has been broken on April 18 and proved to be a support line for this pair now.
4. The narrow boilinger band (dotted line) usually signifies that a fairly rapid price movement is imminent.
I think if we want to be patient and GU gives us a chance, the price in the white box is an excellent buying area. The first target was at 1.335 which was the highest price in August last year, the second target is the weekly MA100 line at 1.383.
The good geopolitical situation of Europe gives a positive sentiment to the EU pair and I think pair GU will soon follow up. A rather negative US political sentiment gives a further boost to both pairs, which I mean is the news of Comey's dismissal and the president of Trump leaking state secrets to Russia.
Let's see how this will unfold, let's look at price action first, and safe trading!
Note
UPDATE, June 1, 2017,Well, the situation is not as smooth as we want it, the pair is still bullish for me, however, I think it's better to close all buy positions, for now [1.289], because there will be the issue of 'us rate hike'; Most likely market participants are in this issue and maybe we will get better entry positions in the price range [1.263] - [1.275].
Note
UPDATE, June 9, 2017,Fortunately we have close manually our position on June 1 yesterday, soon GBP / USD price will touch the white box where we will get a very good entry.
Trade closed manually
UPDATE, June 10, 2017,Position closed manually BREAK EVEN or even small profit at June 1 at price of 1.29. New plan will I upload with new chart post.
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