GBP/USD: Forecast: Short
Here is an what to expect on the GBP/USD pair
RECAP:
Last week Friday in our analysis GBP/USD was trading at 1.37800
We expect the pair to continue its downtrend to at least 1.37500 before a reversal after a bullish butterfly had formed on the M30 chart.
Bears struggled to push GBP/USD lower than 1.37800 and the bulls managed to push the pair upwards back to the 1.38 zone.
We expected the pair to break above its previous resistance met at 1.38600 and predicted the pair to reach new year highs of 1.39 that's exactly what the pair has done.
We had Buy Stops at 1.38400 and TP set at 1.38800 which we adjusted today as we expected the pair to reach our predicted 1.39, banking 1200 pips over 20 positions our biggest profit on GBP/USD we have posted so far.
WHAT TO EXPECT:
Currently GBP/USD is trading at 1.39100
We expect the pair to retrace back towards 1.38600 which was the previous resistance and is also 0.618 on our Fib retracement.
After this we expect the pair to further decline back to last week Friday's level of 1.37800 and then bounce back towards 1.39 zone again as the pound is still strong in the long run against the dollar.
REASON FOR OUR BEARISH EXPECTATION:
US10Y Government bonds have reached a new high of 1.21 which will boost DXY this week to the upside
Bearish Shark formation has formed on both M30 & 1H chart
GBP/USD has reached a new high and is almost close to the edge of its Ascending channel, reversals are to be expected
OUR POSITIONS:
Currently @: 1.39100
Sell Stop @: 1.38750
Sell Stop TP 1 @: 1.38400
Sell Stop TP 2 @: 1.38000
Buy Stop @: 1.39500
Buy Stop TP: 1.40000
Note: Pair might continue uptrend towards 1.39500, keep a close eye on your Buy Stop incase of a false breakout
Link to previous analysis below
RECAP:
Last week Friday in our analysis GBP/USD was trading at 1.37800
We expect the pair to continue its downtrend to at least 1.37500 before a reversal after a bullish butterfly had formed on the M30 chart.
Bears struggled to push GBP/USD lower than 1.37800 and the bulls managed to push the pair upwards back to the 1.38 zone.
We expected the pair to break above its previous resistance met at 1.38600 and predicted the pair to reach new year highs of 1.39 that's exactly what the pair has done.
We had Buy Stops at 1.38400 and TP set at 1.38800 which we adjusted today as we expected the pair to reach our predicted 1.39, banking 1200 pips over 20 positions our biggest profit on GBP/USD we have posted so far.
WHAT TO EXPECT:
Currently GBP/USD is trading at 1.39100
We expect the pair to retrace back towards 1.38600 which was the previous resistance and is also 0.618 on our Fib retracement.
After this we expect the pair to further decline back to last week Friday's level of 1.37800 and then bounce back towards 1.39 zone again as the pound is still strong in the long run against the dollar.
REASON FOR OUR BEARISH EXPECTATION:
US10Y Government bonds have reached a new high of 1.21 which will boost DXY this week to the upside
Bearish Shark formation has formed on both M30 & 1H chart
GBP/USD has reached a new high and is almost close to the edge of its Ascending channel, reversals are to be expected
OUR POSITIONS:
Currently @: 1.39100
Sell Stop @: 1.38750
Sell Stop TP 1 @: 1.38400
Sell Stop TP 2 @: 1.38000
Buy Stop @: 1.39500
Buy Stop TP: 1.40000
Note: Pair might continue uptrend towards 1.39500, keep a close eye on your Buy Stop incase of a false breakout
Link to previous analysis below
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