In the daily chart, GBPUSD seems to be moving within a range with last week's high and low as boundaries. There's a good chance it might continue to move in that pattern in the early week. As Trading Buddy said, it might be good chance to play within the S&R range.
It may still hit the high of between 1.5240 (fb80 from Big White B) and 1.5270 (Big Red L1 target).
Look at the 4-hourly chart, even though the price has been bouncing above the cloud last week, but last week's close saw Chikou finally broken below the price. It's a weak bearish sign because it cross the price above the cloud. Another reason to think it will go sideway.
Another scenario is, the price to drop to the flat top of the cloud (around 1.4870, also fb67 from last week's high in the daily chart), or flat kijun (around 1.4795, or fb50 retracement from bigger wave from the low of 8 June), before going up. Can look for chance to long at these 2 regions.
A good place to short will be EMA200 in the daily chart, around 1.5400. Shall observe more in the coming week.
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I have same thought that forecasting price will further down to day chart flat kumo top as first support. Last week candle closed back below 33%FB line may indicates the end of C2 wave and now J in forming. I am looking to sell this pair around 1.5060 with 50 pips SL. My SL is covered till 33%FB line and slightly above previous support that now become resistance for the price. Hopefully 200EMA line of 2H chart will help to bounce back the price to make my entry. Let see whether market want to do my way or not. By the way, welcome back !!!
ReplyDeleteRipple,
ReplyDeleteGood to see your weekly homework!
May you have many trading success!