CEO and Founder at Cliobra
Arif Chowdhury, CEO and founder of Cliobra, is an accomplished digital marketer, SEO specialist, and financial expert (Chartered Accountant) with over 12 years of comprehensive experience. With a proven track record in managing organizations of various sizes, he offers expert consultancy in optimizing sales and marketing departments.
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Last Updated on April 18, 2024 by Arif Chowdhury
Are you looking for GBP/USD forex signals? This post analyzes the latest price action and potential trading opportunities.
- Bullish Trend on the Daily Chart: A bullish harmonic pattern remains visible on the Daily chart, indicating a continuation of the uptrend.
- H1 Chart Hints at Retracement: A bearish bat pattern has emerged on the H1 chart, suggesting a possible price retracement in the near future. The retracement could bring the price down to the 1.2446 – 1.2461 level.
Lower Time Frame Confirmation:
- M15 Chart Bullish: The M15 chart shows strong bullish signals. The price crossed and remained above all three moving averages (41, 87 & 200) for a sustained period.
- M30 Chart Bullish: Similar to the M15 chart, the M30 chart also reflects a bullish trend with prices consistently above the moving averages.
Recommendation:
- Expect a Retracement: A price retracement is likely on the H1 timeframe.
- Stay Bullish Overall: Despite the potential retracement, the overall trend on the Daily chart remains bullish.
- Cautious on Short Trades: Avoid short trades during the retracement as the uptrend is likely to resume afterward. Shorting is at your own discretion.
- Maintain Profit Targets: The previous profit targets remain valid: 1st target at 1.2558 and 2nd target at 1.2621.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any trading decisions.