Gbpusdprediction
GBPUSD - Possible short and long Opp.- BoE expected to hike rates, and bullish trend may continue till next week or so.
- 2 Possible trades
- Buy at .50 or .618
- Sell from top, however watch out for false break out and let's see if price shows a lot of bearish evidence.
Trade with care
Good luck!
GBPUSD ForecastEnter short ONLY if test of minor trend line and reversal candlestick formation.
1HR targets: 1.28414 1.27796
Daily target: 1.25718
GBPUSD profit target reached once again, remain bullishBuy above 1.2510. Stop loss at 1.2421. Take profit at 1.2651.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly as expected. We now remain bullish above 1.2510 support (Fibonacci retracement, horizontal pullback support) for a further push up to 1.2651 resistance (major Fibonacci extension).
RSI (34) has made a nice bullish exit signalling that a further rise in price is expected.
GBPUSD right on resistance again, remain bearishSell below 1.2546. Stop loss at 1.2632. Take profit at 1.2356.
Reason for the trading strategy (technically):
We remain bearish below 1.2546 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support) especially with price making a bearish exit.
RSI (34) sees a descending resistance line holding price down really well.
GBPUSD reached profit target, turn bearishSell below 1.2546. Stop loss at 1.2632. Take profit at 1.2356.
Reason for the trading strategy (technically):
Price has bounced and reached our profit target from yesterday. We turn bearish below 1.2546 resistance (Fibonacci retracement horizontal overlap resistance) for a push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support).
RSI (34) is seeing strong descending resistance holding price down.
