Here's my take on the GBPUSD, from the technical perspective of a swing trader. Technically, the GBPUSD market still has a bullish tone. Price action on the daily time frame has broken out of a rising wedge (red) seen on the weekly time frame and it is presently within a rising channel (blue), indicating an increase in bullish momentum. However, recent candlestick prints have been mixed and this points to an increase in bearish pressure as price action gets near the next horizontal resistance around 1.37820 (magenta). Besides, the narrowness of the spiking channel makes it technically less reliable for sustained bullish momentum. We should await what price action does in the early part of this week, particularly how it handles the 1.37820 horizontal resistance area.
I may be wrong. Trade safe and prosper.
KP
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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