GBPUSD played out beautifully for those who caught the idea I posted last week.
In fact, I’ve been talking about the potential for a higher GBPUSD for the last two week GBPUSD Technicals.
In last week’s forecast, I discussed how a close above 1.2815 would target 1.3000.
Buyers secured a close above 1.2815 last Monday and reached the 1.3000 target by Wednesday.
But they didn’t stop there.
As you can see, GBPUSD reached a high of 1.3169 last week.
However, Friday’s bearish pin bar hints at a possible turn lower this week.
We’ll see if the pound pulls back aggressively to the 1.2800 area, or decides to take a shallower path toward 1.2970.
Either way, I think GBPUSD needs to cool off before it can move higher again.
In fact, I’ve been talking about the potential for a higher GBPUSD for the last two week GBPUSD Technicals.
In last week’s forecast, I discussed how a close above 1.2815 would target 1.3000.
Buyers secured a close above 1.2815 last Monday and reached the 1.3000 target by Wednesday.
But they didn’t stop there.
As you can see, GBPUSD reached a high of 1.3169 last week.
However, Friday’s bearish pin bar hints at a possible turn lower this week.
We’ll see if the pound pulls back aggressively to the 1.2800 area, or decides to take a shallower path toward 1.2970.
Either way, I think GBPUSD needs to cool off before it can move higher again.