GBPUSD - Sell Now but high possibility to bounce back
After reaching the majoy Resistance level at 1.42000 and form a 3 bottoms, 3 tops model in 1W chart below, The model was expected to sideway and retest the 1.42000 level:
If we're looking at 4H or 1D chart, the price is also having the great potential to form a H&S model
Another deeper look at USD, the currency finish last week with 92.890 (higher than last week) and still has great potential to gain thanks to their positive economic performance recently as well as Delta Covid that makes investor keep USD. The news this week also expect to be positive which indicate the USD will rise even more, as a result, GBPUSD will drop.
Therfore, the strategy for this week:
GBPUSD: Sell NOW, TP 1.34308, TP 1.39235
DXY: Buy NOW, TP 97.961, SL 91.049
GBPUSD
If we're looking at 4H or 1D chart, the price is also having the great potential to form a H&S model
Another deeper look at USD, the currency finish last week with 92.890 (higher than last week) and still has great potential to gain thanks to their positive economic performance recently as well as Delta Covid that makes investor keep USD. The news this week also expect to be positive which indicate the USD will rise even more, as a result, GBPUSD will drop.
Therfore, the strategy for this week:
GBPUSD: Sell NOW, TP 1.34308, TP 1.39235
DXY: Buy NOW, TP 97.961, SL 91.049
GBPUSD