GBPUSD: KEY MOMENT FOR POUND!

4 de mai. de 2020

hey guys,

today be focused on GBPUSD!

on 4H the pair has reached key horizontal structure support.
moreover, the underlined support matches perfectly with a support line of a rising channel.
recent dodji candle and sideways movement during the last 4 hours leave us clues that the market reached a key decision point.

on 1H we see a narrow trading range and the side of the breakout will most likely determine the future direction of the pair.

in case of a bullish breakout of the range (1H candle close above) we will buy the pair expecting a slight pullback to 1.251 / 1.2566 levels,
with our stop below the range

in case of a bearish breakout of the range (1H candle close below), it will signify the violation of the rising channel and we will short the pair
expecting a movement to 1.237/1.232 levels with stop above the range.


I am still long-biased here but we should be prepared for both scenarios!

good luck!