Hello Traders,
How are you doing, and was your trading week?
Mine was okay, I managed to escape with profits by the skin of my teeth.
The market gave some good setups I must confess, however, I missed most out on most of them.
So…, I am currently looking at my charts and I may be wrong but I feel the market may start off where it stopped with the GBP pairs.
Alrighty, let’s see what the market has for us.
1. GBP/USD
A close look at the GBP/USD chart, and we will see that the bearish breakout has just begun.
For the more conservative traders, we may have to wait for support level 1.27593 to be broken before we align with the sellers, having in mind that our next possible support level would be 1.24785
2. GBP/JPY
GBP/JPY has the same outlook as the GBP/USD.
The only difference is that:
We have a clearly defined resistance level (137.811) should in case the market resumes with a reversal.
If we do get a breakout, then price will most likely hit support level 132.252.
3. GBP/CHF
GBP/CHF did a good bearish distance last week.
If price is to continue it’s bearish sojourn this week, then in my opinion we may first see a brief pull-back or a brief consolidation at support level 1.15410
If we do get a bearish breakout, price’s next bus stop would be support level 1.11914.
However, if the market resumes with price reversing, our eyes should be on price most likely hitting resistance level 1.17434
4. CAD/CHF
The CAD/CHF is just a bonus setup. We analyzed on Friday last week, and I believe this week, we may see some fireworks on this pair.
Price stalled on Friday and we may most likely see a bearish breakout through the consolidation band where price is currently locked in, giving us 0.68507 as our next possible support level.
What are your thoughts?
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Brilliant Analysis. Thanks.
Hey Enriched,
Thanks a million buddy