GBPUSD Next Week Aanalysis For 15 02Feb 2014

I'm just trying to learn and want to share my chart with you guys, GBPUSD$ is now sitting above monthly , weekly and daily supply downline which is 1.6741, if price breaks it then it will test 1.68750 which is daily supply upline. if it successfully breaks then pound will be ready to fly to 1.70479 which is monthly supply upline and was last tested on 2009.08.05 at 00.00 Open:1.69323 High:1.70419 Low:1.69001 Close:1.69912, we are 116 pips up right now in this zone and if it touches the monthly supply upline within this zone then we will have then we will have 373 pips. more 257 pips move up there.

What i think:

Daily supply up line: 130 pips far from current price

Weekly Supply up line: same as monthly supply up line

Monthly Supply up line: 313 pips above from current price

Daily supply down line: Current Price

Weekly supply down line: broken

Monthly supply down line: broken

chart:

yellow dotted line is weekly supply down line

orange lines are monthly supply up and down lines

yellow un-dotted lines are daily supply down and up line

Views: 298

Tags: daily, gbpusd, monthly, pound, usd, weekly

Comment by Daologic on February 15, 2014 at 7:32am

I think 1.7 is in sight.

Comment by Investross on February 15, 2014 at 2:00pm

Logical to go until 1.7 but what will the economic data holds...that will twist it the other way around for major correction

Comment by Saud Shah on February 15, 2014 at 2:56pm

we still have barrier to daily supply upline at 1.68 area which is hard to break as i see next week gbp and us both data seems to be forcasted nuetral

Comment by talisman on February 15, 2014 at 7:32pm

your comments are quite reasonable. with your bias long and your sense of the barriers on the way there how do you see yourself trading this? do you want to get in and out on lower timeframes riding smaller waves? or do you see yourself setting a target and accepting that on the way to this target the market may move against you? how far will you accept movement against your position if you set 1.7 as a goal? 

Comment by Saud Shah on February 15, 2014 at 10:13pm

the overview i have posted is for swing trades only, sorry i did not mention in my post, ok here, i see the pound is powerful at current zone and the dollar index is weak. and the price is sitting 4 ticks above the daily supply area. i was thinking to buy it at H4 demand but i missed it. but we have brand new H4 demand area formed now and the possibility of ascending TL formed in daily chart. so if it ever does then i will buy it to first target the next supply zone which is next supply zone downline 1.8100 with SL 7 to 19 pips down to last broken supply area upline at 1.6746. and if daily TL would respected then my 2nd target would be 1.6873 next supply zone upline, Dollar Index closed underneath D1 demand, so the US dollar is weak, it should help the pound's longs to target monthly supply upline 1.7052.

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