GBPUSD Intraday Strategy: Dips Versus Breakouts

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GBPUSD Intraday Strategy

GBPUSD recent gains were part of the top Head-And-Shoulders (H&S) that was affirmed on the 60 minutes chart in the Forex market.

Please click on the chart to enlarge:

GBPUSD 60min Chart 03/11/15

GBPUSD 60min Chart 03/11/15

While we were preparing the strategy the price has re-tested the resistance line, invalidating the technical entry. Please note that even if the price re-tests the resistance it will not provide a fresh entry. In order to capitalize over GBPUSD potential downtrend a break below 1.5409 is required (the neckline). Upon a successful breakout the price is then expected to resume its downtrend below its former low, which is why 1.5348 is the natural target.

In order to the entry to remain valid the price must remain below the resistance (in black) before breaking below 1.5409. In a scenario where GBPUSD breaks above the resistance 1.5455 must be re-tested to provide a short entry from a higher price. We were debating whether to issue the intraday strategy as the initial entry has been missed but we believe a breakout strategy or sell-on-dips strategies upon a successful re-test of 1.5455 on the 60min chart is more than adequate.

The Services PMI that is due in the European session at 09:30am GMT is likely to be the fundamental trigger for GBPUSD trading strategy. Please note a 4hr entry is not available, which means the hourly chart must be closely monitored.

04/11/15 UPDATE: GBPUSD is attempting to break below the support following the ADP employment figures:

Please click on the chart to enlarge:

GBPUSD 60min Chart 04/11/15

GBPUSD 60min Chart 04/11/15

04/11/15 UPDATE II:  GBPUSD continued retracing lower as expected following the bearish breakout, posting a low of 1.5360 at the time of this writing.

Please click on the chart to enlarge:

GBPUSD 60min Chart II 04/11/15

GBPUSD 60min Chart II 04/11/15

The recent recovery may suggest our target was missed by +12 pips.

05/11/15 UPDATE: Following the Bank of England (BOE) monetary policy and Carney’s press conference GBPUSD suffered from heavy losses.

Please click on the chart to enlarge:

GBPUSD 60 min Chart 05/11/15

GBPUSD 60 min Chart 05/11/15

GBPUSD has therefore acquired our bearish target.

GBPUSD Intraday Strategy: Dips Versus Breakouts
As GBPUSD intraday strategy acquired its target this page can now be accessed by all traders. Relevant intraday strategies are restricted to members only. We have been providing trade alerts in the Forex market since May 2014.
GBPUSD Intraday Strategy: Dips Versus Breakouts

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GBPUSD Intraday Strategy: Dips Versus Breakouts

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GBPUSD Intraday Strategy: Dips Versus Breakouts

Last Updated on November 7, 2015