GBPUSD - Price to 1.3050 or 1.2350
Aktualisiert
The cart is cluttered with a lot of lines, but is needed to provide clarity of my thought process.
In the charts below, you can see in more details the long term channel, long term trendline and short term trendline.
Its highly likely that GBP is going to take one of the two paths.
As evident for the chart, price is bouncing around in the long term channel with the middle blue line providing good support and resistance while the price is above or below it respectively. As of now, price is taking support of the middle blue line, which also lines up well with the retest of the long term trendline.
Scenario 1: (Green)
For this scenario to play out, we have to consider the retest of the long term trend line and the middle blue line providing support for a move upward towards 1.3050
Scenario 2: (Red)
For this scenario to play out, we have to consider a false breakout from the short term trendline and price rejection from the upper range horizontal resistance line for a move towards 1.2350
Its clear for the charts that price will be taking one of the two paths.
I have taken a long from1.26647 and would be rooting for the Green scenario to play out, but will move my stop loss to profit knowing well the two big market moving events coming up next week:
1. 19th June (Wed) - UK inflation data release
2. 20th June (Thur) - BoE interest rate decision
Let me know what you think, which scenario will play out, Green or Red?
In the charts below, you can see in more details the long term channel, long term trendline and short term trendline.
Its highly likely that GBP is going to take one of the two paths.
As evident for the chart, price is bouncing around in the long term channel with the middle blue line providing good support and resistance while the price is above or below it respectively. As of now, price is taking support of the middle blue line, which also lines up well with the retest of the long term trendline.
Scenario 1: (Green)
For this scenario to play out, we have to consider the retest of the long term trend line and the middle blue line providing support for a move upward towards 1.3050
Scenario 2: (Red)
For this scenario to play out, we have to consider a false breakout from the short term trendline and price rejection from the upper range horizontal resistance line for a move towards 1.2350
Its clear for the charts that price will be taking one of the two paths.
I have taken a long from1.26647 and would be rooting for the Green scenario to play out, but will move my stop loss to profit knowing well the two big market moving events coming up next week:
1. 19th June (Wed) - UK inflation data release
2. 20th June (Thur) - BoE interest rate decision
Let me know what you think, which scenario will play out, Green or Red?
Anmerkung
Since later 2022, the price has been ranging in between the orange channel. The middle blue line provides good support and resistance to price action while the price is above or below the blue line respectively.In the short term, the price is ranging between the upper and lower horizontal range lines.
Currently the middle blue line and the white support line is acting as support.
Anmerkung
Price bumping in between the long term and short term trendlines.The short term trendline only starts from mid 2023, whereas the long term trendline begins from mid 2021.
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