GBPUSD Technical Overview and Trade Idea
The pair is trading at 1.31410 as of writing, above EMA 50 in the H4 Chart Time Frame. A bullish view.
GBPUSD is consolidating between 1.31570 – 1.31200 as seen on the H1 Chart.
The next step of the Cable will be determined by the direction of the breakout of this consolidation zone.
Scenario 1: 40% probability.
If the pair breaks above 1.31600, 1.31830 and 1.32380 will be the next targets. At 1.32380 we have a bearish shark pattern completion.
Our Trade will be ” buy ” close above 1.31600 targets 1.31800 and 1.32350 and sell at 1.32350 – Bearish Shark –
Scenario 2: 60% probability.
The pair is testing an important resistance. If the price breaks below 1.31200 , 1.30650 will be the next target. And our trade will be “sell ” break below 1.31200 targeting 1.30650.
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
GBPUSD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility