GBPUSD | Perspective for the new week | Follow-up

已更新

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As inflationary pressures loom on the UK economy, the Bank of England Governor is hinting at their willingness to raise interest rates to meet the inflation target. How are the participants in this market going to react to this statement in the new week?

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With the appearance of a bullish gap; the week started on a bullish note. Though I have missed this bullish move that broke out of a strong psychological level at $1.12500 level, lets see if the market will present a second chance at a retest of structure to join the potential rally. So the bullish trend line will guide our actions going forward, where a breakdown could result in a momentum shift.

Good morning

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UPDATE
Retest of structure happening as above $1.12500 looks promising for buying opportunities

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Over 100pips in profit; securing position

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Over 130pips in profit; securing the position.

Another structure was identified at $1.13500; so we need to see how price action is going to relate to this structure in other to decide if it is a trend continuation or a reversal pattern that will plummet price.

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Buy position secured.
Despite expecting a bullish trend continuation (trendline), the rejection of the $1.14000 level for the fourth time in 3 weeks is a sign that sellers are still strong at this juncture in the market hence if a breakdown/retest of the $1.13500 happens then we want to fall with the price.

Good morning

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Taken out of the buy position with 90pips profit as the price finally breaks down the $1.13500 level which shares a confluence with the bullish trendline. As long as the price remains below the $1.13500 level, selling the Pound looks reasonable. So, looking for structure in the lower time frame to join the decline.

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Retest of structure is happening as below the $1.13500 level is good for selling from this juncture.

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However, if a breakout/retest of the $1.13500 level happens, we want to join the potential trend continuation to the upside.

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Sellers continue to dictate the pace as this set-up has the potential for multiple entries.

Good morning

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UPDATE

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UPDATE

Position secured; looking forward to adding one more position

Good morning

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Bullish momentum coming in.... Ensure that some profit has been locked in.

Going in for the live session now, Update coming soon

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Taken out of the two positions with a total of 90 pips as price breaks out of the trendline. Now, the price is at a critical juncture in the market as we need to be patient to see if this breakout is a true or false one before making any informed decision here. Update coming soon....