Guy’s I would like to know what GBPUSD is showing for this new week? please let me know if you can help me out?
I watch GBP/USD on the daily charts. My aim is to follow any consistent established trends. I use a spreadsheet to keep track of the TA features I would want to see and I take a trade if enough of these features are showing bullish or bearish. My trades will only be held for 1-4 days.
Right now this pair is in the early phase of a consistent D1 uptrend and I will be looking to get long as price recovers upwards after the next lower close. I realise I will have missed the early phase of the trend but I find it more profitable to be in late.
If you like early entries its possible to say the trend started on 23/12, when price breached and closed above the high of the previous swing high candlestick, 16/12. On 27/12 price breached and closed above the 50EMA. On 29/12 price made a nice bullish outside key reversal. On 04/01 price breached and closed above the 100EMA. All positive signs so I hope to join in soon.
Off-chart, 74% of the clients with my broker with an open position on this pair are short. As 69% of the firm’s clients are losing money, this for me is another bullish sign.
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Still in up trend. Resistance around 1.385. RSI 14 not in over brought territory yet. Macd Histogram real slow losing strength trend. CCI 25 slowly losing strength. My bet is there is some room for going up still.
IMHO.
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I would consider buying this week as this pair is retracing upwards from a long term bearish trend, and is above EMA signals But be warned, this pair needs a ‘lifetime’ of understanding, both technical and fundamental, to be able to Daily trade it profitably. My pro friend is taking several platform positions and is aiming for 136.840 T/P zone.