Forex Trading Library

GBPUSD – Ending wedge highlights an upward bias

0 271

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: Buyers returned in front of the Fibonacci confluence are of 1.2905. Yesterday’s price action posted a Bullish Outside Day, often an indication of a change of trend. Mixed and volatile trading for the last 9 days looks to have formed a bullish Ending Wedge. Trend line resistance is seen at 1.3030. This formation has a measured move target of 1.3218

Leave A Reply

Your email address will not be published.