Will GBPUSD Bullish Rage Continue in the Market?

GBPUSD Technical Analysis

We have been monitoring GBP pairs and crosses in the Forex marker for the past week. We  decided not to initiate a short trade in GBPJPY as we have updated you not long ago and we are fairly content with our decision despite the temporary weakness in the cross.  Recent gains in GBPUSD in today’s session assisted the potential for the right-hand shoulder of H&S reversal pattern. The main concern of entering before the daily close is to experience a ‘kick’ towards the resistance at 1.5549.

GBPUSD Daily Chart

Please click on the chart to enlarge:

GBPUSD Daily Chart, 10/06/15

On the other hand, if the price will continue to retrace lower it will increase the size of the protective stop loss order while moderate selling may prevent us from initiating the trade. The furthest the price closes away from the resistance the greater the odds of a bullish kick before the anticipated reversal takes place. We are willing to absorb this potential kick as intraday indicators are overstitched at the time of this writing. We paid a great attention to the weekly chart and discovered GBPUSD potential for moderate gains. We therefore believe the recent weakness may be temporary before a resumption of the uptrend. The take profit order will therefore opt for a re-test of the neckline.

GBPUSD Trade Alert Details

GBPUSD short at market price (1.5529, price shifted since we posted the chart)
Take profit: 1.5240
Protective stop: 1.5626
Risk Ratio (RR):  1 : 2.5 (approx.)
Estimated duration: 10 days

11/06/15 UPDATE: GBPUSD is trading at 1.5447 at the time of this writing, ensuring the short trade is in almost +90 pips profit at the time of this writing.

GBPUSD Daily Chart 11 June 2015

Please click on the chart to enlarge:

GBPUSD Daily Chart, 11/06/15

GBPUSD Daily Chart, 11/06/15

We are closing 20% of the short trade at market price.

11/06/15 UPDATE II: GBPUSD is trading at  1.5461 at the time of this writing. As we are expecting a temporary weakness in GBPUSD we are liquidating another 20% of the trade at market price.

11/06/15 UPDATE III: We are concerned we may have overestimated the temporary weakness. We are not closing the trade completely but close another 20% of the trade at market price, 1.5514.

14/06/15 UPDATE: Recent gains in GBPUSD were anticipated, which is why we have liquidated most of the trade with a profit. The trade is still open in the market, we are unlikely to shift the protective stop.

24/06/15 UPDATE: GBPUSD retraced higher and triggered the protective stop loss order. Due to reducing our exposure to GBP and liquidating partials with a profit we were able to reduce the loss to 10 pips (approx.) of the original trade size.

Will GBPUSD Bullish Rage Continue in the Market?

As GBPUSD trade is closed it can  now be accessed by all traders. Open trades are restricted to members only. We have been proving trade alerts in the Forex market since May 2014.
Will GBPUSD Bullish Rage Continue in the Market?

MEMBERSHIP PLANS MARKET EDUCATION MORE RESEARCH

Will GBPUSD Bullish Rage Continue in the Market?

                                         Will GBPUSD Bullish Rage Continue in the Market?
Will GBPUSD Bullish Rage Continue in the Market?
                                             Will GBPUSD Bullish Rage Continue in the Market?

Will GBPUSD Bullish Rage Continue in the Market?