GBP/USD forecast: Possible short then Long

25 февр. 2021 г.

Here is what to expect on GBP/USD

RECAP:

In our previous analysis GBP/USD was trading at 1.40260
We expected the pair to retrace to 1.39500
& had Sell Stop orders at 1.39800
The pair continued its bullish momentum so we removed GBP/USD from our watchlist
We did however capitalized on the retracement from 1.42 to 1.41 which enabled us to bank 2000 pips on the pair
Our sell order at 1.42 was not included in our analysis but was posted in our signal group.

WHAT TO EXPECT:

Currently at 1.40400
New support/resistance at 1.40800 has been formed on the pair
Bullish harmonic pattern has formed on the 1H chart
US10Y limiting GBP/USD bullish momentum
We expect the pair to test the support resistance at 1.40800
A break above this level will see the pair trade back in the 1.41 range & send it back to 1.42
If the pair fails to break above 1.40800 we expect the pair to go back to 1.39 then 1.38500


OUR POSITIONS

Currently @: 1.40400
Buy Stop @: 1.40900
Buy Stop TP @: 1.41100
Sell Stop @: 1.40100
Sell Stop TP @: 1.39900

Link to our previous analysis below

Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.