This is an idea i have on GBPCHF. Price has finished it's move downwards and it's creating a head and shoulders pattern which indicates a move to the upside. This theory is supported by the fact that price is currently creating a bullish flag which is known to break to the upside.
Price has broke a major up-trend-trend-line which indicates that the bears are taking over the bulls. Before i enter a trade on this i will wait for a correction and a continuation pattern that suggests a move to the downside to present itself.
Price is currently in an up-trend and retracing to the support zone at 1.12632. I am expecting price to finish the re-tracement and to then go up and reach the resistance zone at 1.14693.
We have seen price break the up-trending trendline and respect our previous analysis. Right now price is at a retracement of a downtrend forming lower lows and lower highs, therefore i expect price to retest the support zone that it broke at 1702.213 to then head down long term and break the support zone at 1680.241 to reach it's next target at 1642.272. Worst...
With my analysis i'm expecting GU to break the down-trend red line and keep buying to reach resistance level at 1.26470, to then see whether price breaks that level and re-tests to keep going up until the resistance zone at 1.28593. However, price could break the up trendline and reach support at 1.18592 to then complete the overall buy move at a longer term period.
I'm expecting price to keep playing around the flag that was created (between green trendline and red trendline) and look for an upwards breakout to then break resistance at 1.10134. And if price also breaks the 'major downtrend resistance' and maybe re-tests at resistance 1.10134 (which will then become support), i will look to buy until next resistance level at 1.12632
I'm expecting price to break the green up-trend line in the coming week(s) and sell to support at 1702.213. After that i'm expecting a downtrend and a longer term sell to support zone at 1642.272. However, price could still buy to test resistance at 1792.480 and then follow up with a sell, as indicated by the dotted green arrows.
Price has been struggling to break through resistance at 0.97873 on 3 occasions after it was broken but came back in mid March. I'm looking to sell when price breaks the up-trend trendline to then take profit at support zone 0.95149
Following up from the previous analysis of EURUSD and knowing that these two pairs correlate with each other, it gives me an idea of where GBPUSD is heading long-term. Right now we can see that an ascending triangle is forming which suggests that price is on it's way up. Therefore, i'm looking to buy when price breaks the resistance zone at 1.26470 to then take...
Price is near a major reversal zone. I am looking to go long when price breaks the trend-line and tests it as support, to then take profit at the resistance zone situated at 1.10359. After that i am looking for price to break the blue trendline and re-enter for a buy until the next resistance zone at 1.12797.
