GBP/USD Forex Analysis and Forex Signal - SlickTrade Academy - Nadex and Forex

The GBP/USD has reached a key resistance level on the D1 timeframe.

GBPUSD is correcting the major rally that started in September 2019. The impulsive move is labelled (i)-(v) in wave A. The correction which seems to be unfolding as a Zigzag in wave B is yet to be completed. I’m looking for price to move higher in the shorter cycle to complete wave (b) of C around 78.6% Fib, then look for a short entry to take advantage of wave (c) of B.

We have not received a harmonic ea alert setup at this point, but if price breaks above 1.334635, then we will look to go long with targets of 1.346719 – 1.358011

If price breaks below 1.308683, then we will go short with targets of 1.298183 – 1.28491

What Others Are Predicting

I posted a idea that gbp/usd could be a sell
but the entry for that never happened. It moved up to the 618 on the daily chart . I have actually entered a sell now. Im watching the next support area around 1.3100 and 1.29000 but if the reverse head and shoulders pattern is correct, I can see it moving down to 1.27400 area and even 1.2500 area!

Traders, Market as expected as gone to 61.8 level has found resistance there. However it is not fully confirmed. Our remainder short position is still in tact as our Stop Loss was above 61.8. Now the target is all the way back recent low and if that also gets broken then we are looking at complete 61.8 retracement target. We will manage the trade manually based on market conditions.

As per my previous post, having cleared the last bullish fibo uptrend at the 1.618 level, GBPUSD has turned very bearish in the short term.

After hitting a low of 1.2905, they have retraced back above 61.8% level of 1.3282.

With stop loss at last high of 1.3520, Risk / Reward ranging from 4 – 5 X depending on entry level, profit target at 1.618 level of 1.2296.

Cheers to another successful week!