Categories: Technical Analysis

Bullish continuation expected in GBPUSD

Pound is acting as we expected it to (covered in weekly forecast) and now if you missed the initial entry there is a possibility to re-join. Pair is currently consolidating and it is trading inside a triangle. There are two scenarios to follow. Here is the plan:

Technical Overview:

H1 – triangle pattern forming, up trend line to follow

Entry:
Scenario 1 – Look for a break above the H1 triangle in order to join the bullish momentum. Protect last low.
Target 1: 1.5100
Target 2: 1.5200
Stop Loss: below last low

Scenario 2 – Wait for double wave correction near the up trend line. Also look for hidden bullish divergence to be created. From there you can look for a buy setup.
Target 1: 1.5000
Target 2: 1.5100
Stop Loss: below the trend line and last support

Video Explanation:

Yours,
Vladimir

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.