GBPUSD way to 1.2220 is open

Nenad Kerkez Top-XE

GBP/USD technical analysis

Bullish Trap trade.
The way to 1.2220 is now open.
Retest of MEGATREND and Camarilla MH4.
1.2058 Intraday target.

MEGATREND MAs: Bullish

D1 Chart GBP/USD

1. Previous high.

2. Low.

3. Bullish trap pattern & entry.

4. Target zone.

5. TP.

The GBP/USD has made 204 pips of the ATR for the last 14 days. It means it’s a very volatile market. At this point the MEGATREND MAs are crossing up with a strong pattern and bulls are in control. Yesterday washout was good to sell the GBP/USD but today we can see that the move is a good trap for bears. Bullish trap trade is in progress and this is my 8 consecutive GBP/USD in profit.

The 1.1890 zone is the zone where the trap trade happened. Market has also been rejected from the MAs and the MH4 zone, The ATR daily target points to 1.2058 but the doors toward the 1.2200 zone are open. Buying the rallies is the option as the MEGATREND MA angle is sharp and pointing up. The jaws are open.

Author

Nenad Kerkez

Top-XE

EUR/USD holds firm above 1.1900 as US NFP looms

EUR/USD holds its upbeat momentum above 1.1900 in the European trading hours on Wednesday, helped by a broadly weaker US Dollar. Markets could turn cautious later in the day as the delayed US employment report for January will takes center stage.

GBP/USD remains above nine-day EMA near 1.3650

GBP/USD recovers its recent losses from the previous session, trading around 1.3680 during the European hours on Wednesday. The technical analysis of the daily chart indicates a sustained bullish bias, as the pair trades within an ascending channel pattern.

Gold sticks to gains near $5,050 as focus shifts to US NFP

Gold holds moderate gains near the $5,050 level in the European session on Wednesday, reversing a part of the previous day's modest losses amid dovish US Federal Reserve-inspired US Dollar weakness. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal ahead of the critical US NFP release.

US Nonfarm Payrolls expected to show modest job gains in January

The United States Bureau of Labor Statistics will release the delayed Nonfarm Payrolls data for January on Wednesday at 13:30 GMT. Investors expect NFP to rise by 70K following the 50K increase recorded in December.

S&P 500 at 7,000 is a valuation test, not a liquidity problem

The rebound from last week’s drawdown never quite shook the sense that it was being supported by borrowed conviction. The S&P 500 once again tested near the 7,000 level (6,986 as the high watermark) and failed, despite a macro backdrop that would normally be interpreted as supportive of risk.

Bitcoin price slips below $67,000 ahead of US Nonfarm Payrolls data

Bitcoin price extends losses, and trades below the lower consolidating boundary at $67,300 at the time of writing. A firm close below this level could trigger a deeper correction for BTC. Despite the weakness in price action, institutional demand shows signs of support, recording mild inflows in ETFs so far this week.