As every Wednesday, I analyze the market and show you what I believe is one of the cleared opportunities to trade.
In my analysis, I look for two important factors:
- Clear support & resistance levels
- Clear market swings
Once I have information, I can understand what the market is doing, and when you understand what the market is doing, you can also tell what the market is likely to do in the following hours/ days.
And that’s my main goal, to show you what the market is likely to do so you can take advantage of it.
GBPUSD Bullish condition
One of the currency pairs that are trading in a very clear bullish condition is the GBPUSD. If you look at the daily chart you’ll see that it broke through an important resistance level.
What I like the most about the GBPUSD is that its next LT resistance level is around 1.7500. It is currently trading at 1.7113, so we’ve got plenty of room (and time) to look for our trade opportunity.
Now, I’m going to show you its short term chart:
So here is my trading plan:
You can take a long signal around the bottom of the range (where it is currently trading at) provided that we get upward pressure.
- The second possibility would be the breakout of the upper extreme of the range, my stop entry signal would be placed at 1.7188 + spread.
I’d feel comfortable taking both trades.
What do you think about the GBPUSD? Are you going to trade it? What other currency pairs are you monitoring?
At StraightForex, we value the relationship with our clients and respect each individual’s right of privacy. We consider client confidentiality to be the foundation of our relationship with our clients. StraightForex does not sell, rent or disclose any former, current and future client’s information to third parties except on specific circumstances, such as to fulfill law requirements. If you contact us, the information you share with us will be only used by StraightForex to contact you, we attach a link to unsubscribe from our newsletter, with a simple click you will never hear from us again.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.