GBPUSD Trade Idea and overview for week May 15-19 :
On the first GBPUSD H4 chart we can see that GBPUSD has completed 2 XABCD psttern back to back. Atfer first pattern completed price moved +130 pips.
As seen on the above GBPUSD H1 Chart Cable price is above MA20 and Fibo support 76.40 .
After BOE statement on Thursday, Cable is about the decide to its direction. But I must say that Pound Bears came back to stage as well. GBPUSD H4 Chart :
Price is at a critical desicion level.
First Fibo retracement @1.2895 Then MA50 and MA20 at 1.2907
My midterm target did not change 1.32-1.34 .
I will keep my long positions first.
Any pullbacks till 1.28000 is buy opprtunity for me . I will add LONG if the price closes above 1.29100 .
A breakout of 1.2800 levels can take the price to 1.27300 1.26600 and 1.26000 where we can enter much more profitable LONG trades.