GBPUSD: Starting a weekly uptrend
There's a daily chart signal pointing to a rally into the 1.6 region, but we also managed to accumulate a total of 7 weekly bars at one price, with no new lows in 8 weeks.
This is considerably bullish in its own right, but we must keep in mind that a daily uptrend signal off the last leg has exceeded its target, and that price faced selling pressure when meeting a fibonacci resistance level above, and might retrace before continuing up.
Thus, I would advice to wait to buy a retest of the weekly mode, or the area inside the green rectangle on the chart, with a wide stop, at levels like 1.52556.
If possible, I'll update with a safe entry using the 4h chart and a tighter stop loss.
Cheers,
Ivan.
This is considerably bullish in its own right, but we must keep in mind that a daily uptrend signal off the last leg has exceeded its target, and that price faced selling pressure when meeting a fibonacci resistance level above, and might retrace before continuing up.
Thus, I would advice to wait to buy a retest of the weekly mode, or the area inside the green rectangle on the chart, with a wide stop, at levels like 1.52556.
If possible, I'll update with a safe entry using the 4h chart and a tighter stop loss.
Cheers,
Ivan.
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