Hello Traders,
How did your trading week go?
Personally I feel the market rewarded traders that were patient and also had decent stop loss placements.
Weekend is great, especially when knowing that the Bundesliga is back. Hopefully, in a couple of weeks we should see other leagues gradually joining in.
Let’s hit our charts and see what this week has for us.
1. GBP/USD
On the GBP/USD price is re-visiting a former resistance level that has become a key support level (1.20238)
If the Bears are strong enough we could see a breakout, which means price next possible support level would be 1.15793 and a reversal may encourage price to consolidate within the consolidation band.
2. GBP/JPY
On the daily chart of the GBP/JPY we can see a breakout of price through support level 130.546.
In my opinion, waiting for price to pullback before going short will be the appropriate thing to do.
3. GBP/CHF
GBP/CHF is on it’s way to our next support level (1.16813)
A breakout may further send price to our next possible support level (1.11189), and a reversal will most likely take price back to resistance level 1.19008
What are your thoughts?
