GBPUSD: Continuing the STRONG UPTREND
Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!
🟢Forex Pair:
GBP/USD
⚪Technical Analysis:
Since the 20th of January 2021, the price has been consolidating, moving with a clear sidetrend, bouncing up and down between two S/R zones, at about 1.37500 and 1.36500.
During the 5th of February 2021, a strong bullish impulse on the main trendline, pushed the price up breaking throught its S/R zone at 1.37500, ending once it reached the resistance zone at about 1.38650.
The price got then a short retracement and it is currently re-testing its last resistance zone.
The RSI (20) is showing signs of weakness considering a divergence on the h4 chart.
🔴Conclusion:
Overall this pair is following an interesting uptrend and now it reached a strong resistance zone that rejected the price few times in the weekly perspective.
There is a possibility to see a consolidation phase on that zone before to understand the next direction.
I'll be waiting for a re-test of the support zone at about 1.37750 or a breakout of the resistance zone before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
GBP/USD
⚪Technical Analysis:
Since the 20th of January 2021, the price has been consolidating, moving with a clear sidetrend, bouncing up and down between two S/R zones, at about 1.37500 and 1.36500.
During the 5th of February 2021, a strong bullish impulse on the main trendline, pushed the price up breaking throught its S/R zone at 1.37500, ending once it reached the resistance zone at about 1.38650.
The price got then a short retracement and it is currently re-testing its last resistance zone.
The RSI (20) is showing signs of weakness considering a divergence on the h4 chart.
🔴Conclusion:
Overall this pair is following an interesting uptrend and now it reached a strong resistance zone that rejected the price few times in the weekly perspective.
There is a possibility to see a consolidation phase on that zone before to understand the next direction.
I'll be waiting for a re-test of the support zone at about 1.37750 or a breakout of the resistance zone before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.