GBPUSD 1.7150 Long term Perspective...

GBPUSD WEEKLY

Hello everyone and welcome to an important update on the Great Britain Pounds (GBP). Some few days back in our video update in the trading room, we talked about the GBPUSD carving out an important bottoming base and subsequently breaking out to the upside to challenge the 1.7100 handle where an aggressive momentum will be required for a final break of the said resistance. Speaking technically, GBPUSD is clearly bullish right from the monthly time frame down to the 4hr time frame in tandem. In the same vein,  series of bullish price action formations from monthly to daily TF suggests bears should be prepared to be on the run for some weeks or perhaps months to come. Looking at the daily time frame, an inverted head and shoulder is easily identified, which add credence to our bullish outlook which should eventually have its targets at 1.7150 for a 1,700pips from current levels. On the fundamental outlook of the Great Britain Pounds (GBP), the resiliency of the cable has been as a result of the rate hike expectations from the Bank of England making it investor’s second favorite aside the US dollar. Speaking about the US dollar, September is just around the corner and question running through the mind of all investors all over the world is, “is there really really going to be a rate hike for September from the FED? Well your guess is as good as mine but I’m a contrarian to a SEPT-HIKE but without much deviation, before concluding this short piece. I would like to state that 1.5200 remains our invalidation point for cables long which should turn focus back to 1.3500 as an alternate scenario targets if bullish view is invalidated. We are long already with specifics in our last GBPUSD video updates sent to our premiumHandle and we look to buy the weakness of GBP only as long as invalidation remains intact for a real ride.

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