GBP/USD trading update on 06/05/2020

A two Euro coin is pictured next to a one Pound coin on top of a portrait of Britain's Queen Elizabeth in this file photo illustration shot March 16, 2016.  REUTERS/Phil Noble/Illustration/Files

GBP/USD trading update on 06/05/2020

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Product: GBP/USD

Trend directions of the Time frames:

H4: Dn

D1: Up

W1: Dn

MN1:  Dn

 

TA methods: EW

 

The chart in details:


  1. met daily resistance at 1.2600, above the 61.8% fibs in a rebound mode;
  2. probably end of B leg from a zigzag correction;
  3. current support zone at daily time frame is at 1.23056 (50.0% fibs);
  4. keep watching the 1.2094 price handle (38.2% fibs), it broken down, more down side is expected to fall;
  5. In case the 1.1830 price handle (23.6% fibs) broken down again, the C leg is expected to end at 1.099x (123.6% fibs ext.)
  6. For an upside scenario, we have the Strong supply zone in zigzags pattern, namely a range from 1.2628-1.3200, keep watching that range closely; if the Cable is being traded above that zone at 1.320x, we will look for an uptrend scenario with GBPUSD.

Take a look at the depicted chart for more details:

Trade well!

 

Tradingscenes team

 

 

Thông tin thành viên
Forex, stocks, commodities Trader & Markets Analyst. Makkaba Co., Ltd. ST&C

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