GBPUSD Second Bullish Leg
Updated
GBP has been showing great strength across the board and GBPUSD is no exception.
Price cracked the 1.31 handle hard, pulling up to 1.315 before pulling back. We're now consolidating on previous broken resistance at 1.31
Buyers appear to want 1.32 or more before considering a bearish reversal.
A very structured W pattern shows more potential to the upside, giving off a second leg. Shooting for 70-100 pips.
Follow the trend.
Price cracked the 1.31 handle hard, pulling up to 1.315 before pulling back. We're now consolidating on previous broken resistance at 1.31
Buyers appear to want 1.32 or more before considering a bearish reversal.
A very structured W pattern shows more potential to the upside, giving off a second leg. Shooting for 70-100 pips.
Follow the trend.
Note
USD rallied as a saver heavenNote
U.S. Coronavirus Cases Rise - appears to be a temporary USD rally, as we're catching another nearby support zone on the 240M chart. Analysis still in tact. Note
I'm waiting for a second entry next week. I think we have more GBP upside before monthly cycle reverses Trade active
GU still looks like it has room for reversal but its USD thats dragging it down , not weak GBP. BOE is suggesting dovish tone, but there should be a big relief spike. The rejection off the 1.31 level back to the downside if what prompted me out of the buy.. for now. We either consolidate between 1.305 and 1.31 and then start to grind to the 1.32+ handle; or the move lies at the break of the 1.305 level closer to the 1.30/1.302 level with trend-line for accession.
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