Forex Trading Library

GBPUSD – Buying dips with trend line support close to 61.8%

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Monthly: Moved higher from the 2016 low of 1.1905. Levels close to be bespoke resistance at 1.4390 found sellers. April’s price action formed bearish Outside Bar, often an indication that the rally (correction) has come to an end. Levels under 1.2900 have found buyers

Weekly: After completing a bullish Elliott Wave pattern (5-waves) a bearish Outside Week was posted from the high (1.4377). We have seen a reaction higher close to the 61.8% pullback level of 1.2844. Levels close to our bespoke resistance at 1.3306 have found sellers. We look for price action to remain mixed and volatile

Daily: Possibly forming a bullish reverse Head and Shoulders pattern. We have the 61.8% pullback level close to the trend line support at 1.2905. Buying dips close to this support offers a good risk/reward trade.

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