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.
Thanks everyone and for more of our swing trading
opportuninties brewing up, do not hesitate to join our PremiumHandle for an
unmatched trading experience.
Good luck.
