GBPUSD | Perspective for the new week | Follow-up

Price action traded within a range last week as it makes quite a bit of sense that we would see this market become very choppy ahead of the Federal Reserve interest rate decision coming up next week. The Shockwaves from the health of the banking sector following the rescue of Silicon Valley Bank and Signature Bank by the Federal Deposit Insurance Corp last week have increased tension as fears that the U.S. economy could end up in a deep recession still lingers in the air. In this video, we did a technical dissection of the GBPUSD chart with the hopes of identifying the potential direction in the new week. We observed the break of the bearish trendline at the $1.20000 zone suggesting a bullish signal, but there’s so much noise just above this structure that the possibility of a range-bound market before answers from the Federal Reserve is a condition to consider in our plans.

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

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Price action has continued to oscillate around the key level identified in the video at the $1.22000 zone hereby forming a simple channel. So, we shall be looking forward to either a breakout or breakdown/retest for trading opportunities.

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Secure buy position

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Secure all buy positions

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Price action drops back into the entry zone of the second position. We remain patient to see how price action reacts to this structure to determine our next line of action. Join our morning live session in 30 minutes from now for more details

Good morning

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secure sell positions as we look out for more opportunties

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Secure all sell position as buying pressure resumes

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Move your stop-loss, and secure all sell positions as buying pressure resumes just around the bullish trendline identified during our morning live session today where the tendency of a bullish momentum from this structure can not be ignored. I will be sharing an update on the 15 minutes time frame in a moment

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Simple set-up on the 15 minute time frame where the bearish trendline will be used to guide our trading activities

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Buy position triggered at the breakout/retest of the 1.22250 level as projected. Secure position and join our morning live session for details

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During our live session this morning, we identified a bearish setup on the 5 minutes time frame since we are around a strong sell zone at 1.22850 area. I will share this here in a moment.

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5-minute timeframe

Secure sell position

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Secure all 3 sell positions

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Price action takes out the sell positions with a small profit as I personally missed this bullish move. Waiting for normalcy after the Interest rate decision... Congrats to you if you took it! Update coming up soon

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Trendline becomes our yardstick for trading opportunities
i. breakdown/retest welcomes selling
ii. buying pressure above structure welcomes buying opportunities

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Bullish momentum continues. Secure all buy positions as we look forward to seeing how price action reacts to the 1.23350 level for either a buying or selling opportunity. Join our morning live session for more details.

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Selling pressure resumes... You might want to watch the replay of my live session this morning for details

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secure sell position

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UPDATE

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Secure all sell position as price action remains below the trendline that was broken yesterday. See you at live session soon

Good morning

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Just as discussed during our live session this morning; secure all sell positions as the third position is triggered.

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