GBPUSD: Starting a weekly uptrend
There's a daily chart signal pointing to a rally into the 1.6 region, but we also managed to accumulate a total of 7 weekly bars at one price, with no new lows in 8 weeks.
This is considerably bullish in its own right, but we must keep in mind that a daily uptrend signal off the last leg has exceeded its target, and that price faced selling pressure when meeting a fibonacci resistance level above, and might retrace before continuing up.
Thus, I would advice to wait to buy a retest of the weekly mode, or the area inside the green rectangle on the chart, with a wide stop, at levels like 1.52556.
If possible, I'll update with a safe entry using the 4h chart and a tighter stop loss.
Cheers,
Ivan.
This is considerably bullish in its own right, but we must keep in mind that a daily uptrend signal off the last leg has exceeded its target, and that price faced selling pressure when meeting a fibonacci resistance level above, and might retrace before continuing up.
Thus, I would advice to wait to buy a retest of the weekly mode, or the area inside the green rectangle on the chart, with a wide stop, at levels like 1.52556.
If possible, I'll update with a safe entry using the 4h chart and a tighter stop loss.
Cheers,
Ivan.
🔒Want to dive deeper? Check out my paid services below🔒
ivanlabrie.substack.com/
ivanlabrie.substack.com/
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.