GBPUSD At Key Reversal Point
INDICATORS
1. Inverted Hammer
2. Bullish engulfing - Confirms reversal to the upside
4. Prices bounced off daily trend line (Support) - Bulls are still in control
CHART PATTERNS
A) 1 HR Chart Displays an ascending triangle inside of
a bullish pennant-like pattern.
OUTLOOK:
After closing higher yesterday engulfing the previous days close, GBPUSD looks set to push higher with a short term target of the 1.58900 area (key daily & weekly resistance levels) now insight. Expect prices to stagnate between 1.57300 & 1.57200 before a breakout occurs to the upside around target one.
NOTE: If GBP/USD closes the day above key weekly Fib 61.8% Fib level, expect the bullish trend intact.
TARGETS LEVELS
T2 - 1.58935
T1 - 1.58125
STOP LEVELS
S1 - 1.56733
1. Inverted Hammer
2. Bullish engulfing - Confirms reversal to the upside
4. Prices bounced off daily trend line (Support) - Bulls are still in control
CHART PATTERNS
A) 1 HR Chart Displays an ascending triangle inside of
a bullish pennant-like pattern.
OUTLOOK:
After closing higher yesterday engulfing the previous days close, GBPUSD looks set to push higher with a short term target of the 1.58900 area (key daily & weekly resistance levels) now insight. Expect prices to stagnate between 1.57300 & 1.57200 before a breakout occurs to the upside around target one.
NOTE: If GBP/USD closes the day above key weekly Fib 61.8% Fib level, expect the bullish trend intact.
TARGETS LEVELS
T2 - 1.58935
T1 - 1.58125
STOP LEVELS
S1 - 1.56733
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