In Friday's analysis, I expected GU to form an exhaustion pattern leads to further upwards momentum with NFP as the catalyst, which was exactly what the market performed. On last Thursday (4th Feb), GU had a massive green spike due to the positive BOE announcement which violated the upper trendline I've been discussing. In today's trading session, I will remain neutral bias and pay attention to the 1.3750 key resistance zone. There are two setups that I am looking at
1. If there's another clear rejection at the 1.3750 key resistance zone, that could rotates GU downwards back to the 1.3620 key support zone. (Bearish)
2. Until 1.3750 resistance is clearly breached, avoid looking for any continuation setup simply because the market has ran over 173 pips. Preferably buy after any deep pullbacks, do not chase the market as there's an obvious resistance ahead.
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. If there's another clear rejection at the 1.3750 key resistance zone, that could rotates GU downwards back to the 1.3620 key support zone. (Bearish)
2. Until 1.3750 resistance is clearly breached, avoid looking for any continuation setup simply because the market has ran over 173 pips. Preferably buy after any deep pullbacks, do not chase the market as there's an obvious resistance ahead.
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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