GBP/USD possible raise

12.10.2017 / 00:46

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Forex forecast /GBP/USD/ Our expectations

Medium-term upward trend. The price generates higher peaks and higher bottoms. The price corrected to levels of horizontal support, coinciding with a Fibonacci adjustment of 38.2%. On daily chart we have Price Action signal 3 white soldiers, after adjustment - positive for the price. 50 over 200SMA - positive for the price. Dem (14) in an over-sales area and spinning a signal for a new upward movement.

Let's look at the price movement and the lesser the graph. Going down to H4 we also see the presence of an inverted H&S, the right shoulder being formed by a tweezers formation. The presence of a breakthrough of the line - positive for the price.

Alternative Scenarios: If the price goes back below the bottom formed by H&S's right arm, positive scenarios will ruin and are more likely to see a decline in the currency pair.

SL: 1.3129

Jr Trader Petar Milanov

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GBP/USD possible raise

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