Today in our video, we will discuss about GBP USD currency pair.
First, we will analyze GBP USD chart, using harmonic pattern, & then, we will justify that analysis, using our trend detection methodology.
In our previous video of GBP USD analysis, we predicted that, price has bullish trend, & it will move around 300-600 pips up.
And this analysis is based on this harmonic pattern, & also with our trend detection methodology.
Now, let us check trend direction, & strength using our trend detection methodology.
In hour 4 chart, we clearly see that price has started an uptrend.
Now, let’s check hour 1 chart, & here we see that price has strong uptrend, & it started a while ago.
And, in 30 minute chart, we can see that, price also has uptrend.
Therefore, by looking at all these timeframes, we can assume that, price has uptrend, & it’s very much still active.
So, our suggestion is, if you have already opened a buy trade, or long trade, then you should close your trade, if price reach below 1.2998 level.
However, if you haven’t open any trade yet, then you should open a buy trade, or long trade, and your stop loss should be around 65-85 pips.
And, your 1st profit target should be around 150-200 pips. And, your 2nd target could be around 250-350 pips, based on market condition & trend strength.
That’s for today, don’t forget to subscribe our channel, & click on the bell button for notification for daily analysis. If you have any question, feel free to ask in comment section. See you tomorrow.
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