GBPUSD building up energy for major move to the upside.
The pound dollar continues to trade in a range this week. We expect this range bound movement to be broken at some point in time. If broken to the downside, we think it will be short-lived and should find upside very quickly
BULL CASE
If the bulls find enough conviction to move the price up from here, we expect to see a retest at the top of the channel before retesting the 1.40 level
BEAR CASE
Any downside should be short-lived and should see strong buying as the institutions continue to accumulate the pound over the yen for a strong pump to the upside. We are looking at the 1.37 level as the final level price could be pushed down to to hunt stop losses placed near the 1.37 levels before a sustained upside could be found.
BULL CASE
If the bulls find enough conviction to move the price up from here, we expect to see a retest at the top of the channel before retesting the 1.40 level
BEAR CASE
Any downside should be short-lived and should see strong buying as the institutions continue to accumulate the pound over the yen for a strong pump to the upside. We are looking at the 1.37 level as the final level price could be pushed down to to hunt stop losses placed near the 1.37 levels before a sustained upside could be found.