Hey guys, this is an update to the previous GBPUSD chart I posted before FOMC.
That chart had some junk in it and was not clean enough, so I am re-posting it together with updates.
Pattern identification
I see a bullish bat pattern completing around 1.2050 - 1.2070.
Trade Execution
Post FOMC, I am still waiting for GBPUSD to hit my entry level before going long.
Before it hits my entry, it could actually go higher and hit trendline resistance before dropping.
Pound is volatile, but I choose to trade with my charts and not be affected by all the news events that is circulating online regarding the UK.
It will be awhile before it hits my entry level, will keep you guys posted in here.
Trade will be invalidated once it clearly breaks up above 1.25 or below 1.2050.
That chart had some junk in it and was not clean enough, so I am re-posting it together with updates.
Pattern identification
I see a bullish bat pattern completing around 1.2050 - 1.2070.
Trade Execution
Post FOMC, I am still waiting for GBPUSD to hit my entry level before going long.
Before it hits my entry, it could actually go higher and hit trendline resistance before dropping.
Pound is volatile, but I choose to trade with my charts and not be affected by all the news events that is circulating online regarding the UK.
It will be awhile before it hits my entry level, will keep you guys posted in here.
Trade will be invalidated once it clearly breaks up above 1.25 or below 1.2050.
Price is at critical zone for GBPUSD.
If resistance zone holds, GBPUSD is coming back into 1.2050 region.