British Pound / U.S. DollarUpdated GBPUSD
I've been talking about this GBPUSD for about 4 weeks now, and the need for price to take out the resistance zone @ 1.2520 retest an hold before we can see more upside, we have price get back to the zone on Thursday and we saw some rejection but it's clear that price is really struggling to break above the zone again.. On friday we are approaching the zone again, i will be looking out for price action in the zone as the week start.
But it worth to let Us know that the overall trend on the 4H chart is an UPTREND we have a number of higher lows marked red, in my opinion if we can see another rejection at the retest of the 1.2520, price might reverse to the 1.2345 zone to complete an HEAD and SHOULDER pattern kind of forming up before we continue with the UPTREND while a break above the 1.2520 retest and hold will indicate the instant continuation of the UPTREND and the target will be the next zone around 1.2700 and long term target around 1.3000 zone.
With the higher yet in place and price breaking above a BULLISH flag also shown on my chart, My bias is BULLISH over all, until we can take out the higher low below 1.2250 zone..
But it worth to let Us know that the overall trend on the 4H chart is an UPTREND we have a number of higher lows marked red, in my opinion if we can see another rejection at the retest of the 1.2520, price might reverse to the 1.2345 zone to complete an HEAD and SHOULDER pattern kind of forming up before we continue with the UPTREND while a break above the 1.2520 retest and hold will indicate the instant continuation of the UPTREND and the target will be the next zone around 1.2700 and long term target around 1.3000 zone.
With the higher yet in place and price breaking above a BULLISH flag also shown on my chart, My bias is BULLISH over all, until we can take out the higher low below 1.2250 zone..
Note
We've this resistance zone at 1.2520 i've been talking about for 3 weeks now on GBPUSD, we just have a nice break above the zone and i'll be looking for a retest and holding of the zone for more upside...If the retest hold, the target to look out for is the 1.28000 which is the next zone of resistance, if we push higher then 1.3000 will be exposed as the overall longterm target. I will be nice to catch this upcoming big move..
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