T.G.I.F Traders,
The market this week has been quite slow and deceptive. Blessed are those who stayed by the sidelines doing nothing.
Let’s hit the charts before we start the weekend.
1. GBP/USD
The GBP/USD on the daily chart gave a good bullish candlestick touching the resistance level (1.22865) of a descending pennant.
I refer to this trade as a 50/50 setup. A breakout could drive the Bulls to the next possible resistance level (1.24835) and a reversal should drive the price back to the support level (1.21378) of the consolidation band.
I wish you a fab weekend ladies and gentlemen and keep in mind that Sunday will be another day to dissect the market on our weekly analysis.
