GBPUSD – The pair is still within the rectangle that I have drawn. This shows that the pair is still in consolidation mode. The pair briefly broke below 1.59 but returned back into the rectangle.
Currently, the pair is in the middle of the rectangle. Its quite hard to make a judgement call at this moment.
Where can it go from here?
Bull’s Case: Pair close with a doji yesterday. When the doji is in the middle of a range, this doji could signal continuation of previous move. There is a 55% probability that the pair will continue its move up.
Bear’s Case: The price have moved above the 15 and 33 ema and closed above it. There is no strong reason technically for the bears here in my opinion.
I will be sitting at the side if I am not yet in a trade.
To your trading victory!