Whattup, chart friends! I hope you’re eyeing the pound for potential trades today because I’ve got hot swing-term setups on GBP/USD and GBP/NZD that you wouldn’t want to miss. Check it!
Looks like GBP/USD chillin’ like ice cream fillin’ just above the 1.2950 level! And why not? Aside from the area being a previous channel resistance, it’s also near a possible SMA crossover on the daily chart.
The cherry on top of this sweet setup is stochastic flashing an oversold signal, which could lead GBP/USD’s wedge-like pattern into an upside breakout.
Think we’ll see an upside breakout? Or will the pound drop back down to its downtrend? An upside breakout could lead to a retest of the previous highs near 1.3300, while a bearish momentum could drag it down to 1.2800 or even 1.2600.
The pair hasn’t shown momentum just yet, so y’all still time to draw your trading plans if you’re planning on trading this one.
Good luck and good trading, brothas!
Breakout alert! GBP/NZD looks like it’s testing the 1.9500 major psychological handle, which has been serving as resistance for the currency cross pair since the start of the year.
Can the bulls find enough momentum to sustain a breakout? Or will the bears drag it down to what looks like an ascending triangle on the daily time frame?
A break above 1.9500 could push the pair to the 1.9700 or even the 2.0000 previous areas of interest. A rejection at the level, on the other hand, could inspire a move back down to 1.9200 or the 1.9100 levels closer to the rising trend line.
Not sure about trading a possible breakout? No worries, you can always choose to enter at a retracement! If the pair pulls back to its previous resistance level, that is.