My thoughts on GBPUSD (requested by one of our subs).
- Technical analysis: In March, GBPUSD was in long-term downtrend because of nice LHLL structure (broke through various important to the downside) and many bearish impulsive candles. However, the trend reversal is confirmed when price cannot broke through the 1.36810-1.36670 demand zone and many wicks were rejected the demand zone as well. Also, recently, a new 4hr demand zone was created to confirm the potential uptrend.
- Fundamental analysis: 41,505,768 out of 67,886,011 UK residents get vaccinated until now (61.1% of total population). This indicates that #GBP can go up in the next weeks.
Hence, my bias for GBPUSD is long.
- Technical analysis: In March, GBPUSD was in long-term downtrend because of nice LHLL structure (broke through various important to the downside) and many bearish impulsive candles. However, the trend reversal is confirmed when price cannot broke through the 1.36810-1.36670 demand zone and many wicks were rejected the demand zone as well. Also, recently, a new 4hr demand zone was created to confirm the potential uptrend.
- Fundamental analysis: 41,505,768 out of 67,886,011 UK residents get vaccinated until now (61.1% of total population). This indicates that #GBP can go up in the next weeks.
Hence, my bias for GBPUSD is long.