Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
GBP/USD: bulls are counting on the Indians
2019-11-11 • Updated
TP1 1.3360 TP2 1.3395 TP3 1.3455
On the daily chart, GBP/USD is showing a sustainable uptrend within the correction to the long-term bullish trend. The closeness of 88.6% target of the “Double top” is increasing the odds of a pullback.
On H1 of GBP/USD, a combination of “Three Indians” and 1-2-3 creates grounds for reversal of the downtrend. A break of resistance at 1.3295 will be a signal for bulls to attack and trigger the “Ideal butterfly” pattern with a target at 127.2%.
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Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.