Hi everyone, sterling went through a turbulent previous week ranging from 1.36114 - 1.37500. Towards the back end of the week we saw price make yet another attempt at the 1.375 level but failed, visually producing a 'double top' price structure and ultimately price falling away from the highs. Sterling is still proving to be quite strong in these market conditions and i still hold onto my bullish bias with 1.38 in view.
This week i'm expecting cable to continue its bullish rally back into those high levels. It is important for me to highlight that sterling/usd is currently squeezing into a tight range and a breakout is forming so expect some range bound moves. The price entry, stop loss and take profit is highlighted. Use responsibly.
Will keep you all updated on GBPUSD as we move through the week.