The previous post of the GBPY showed price holding at the support level of 156.60.
This was the consolidation resistance turned support from the January 2018 high.
Price formed a textbook pattern by breaking out of consolidation and retesting the
consolidation zone, then bouncing off support.
We are seeing an impulsive move to the upside, and should the move continue,
the momentum could break price out above the next resistance level at 168.43.
If there is a breakout, it confirms a continuation to the upside and may lead
to a long-term bull trend lasting several months.
This forex pair should be on your watchlist as an opportunity to go long may
be just round the corner.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
This was the consolidation resistance turned support from the January 2018 high.
Price formed a textbook pattern by breaking out of consolidation and retesting the
consolidation zone, then bouncing off support.
We are seeing an impulsive move to the upside, and should the move continue,
the momentum could break price out above the next resistance level at 168.43.
If there is a breakout, it confirms a continuation to the upside and may lead
to a long-term bull trend lasting several months.
This forex pair should be on your watchlist as an opportunity to go long may
be just round the corner.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
