Chapter 35 GBPUSD keep going upside
7/12/2022
Summary
GBP strength and USD weakness drives the market
Fundamental analysis
See this week we have weak economic news on the USD On the other hand we know the pound is getting stronger because of the Bank of England's support of the GBP On Thursday we have initial jobless claims in the US with negative expectations
Technical analysis
As we see in the 4H chart diagram Market actually trending to the upside by creating the low and higher low and high and higher high We expect the market to continue this uptrend now market is trending at 1.22115 Expect the market to push up until 1.23837 above the previous supply zone With 20 moving average pointing up
Suggestion
scenario #1
Buy at now price at 1.22115 SL 1.21351 TP 1.23837
more likely to happen
scenario #2
Sell stop at 1.29000 SL 1.22500 TP 1.19400
