FX.co ★ HuiFX | HuiFX Trading Journal

Technical Analysis for GBP/USD based on Daily Timeframe

Hello everyone, From what we see on the daily chart above, GBP/USD is already above five periods of a smooth moving average. The stochastic oscillator and five periods of a smooth moving average still indicate a bullish signal. If GBP/USD can stay above five periods of a smooth moving average, I think GBP/USD will continue to rise in the next few days. If that happens, I think you can try to make a buy trade on GBP/USD. You can set your target profit at 50 periods of a Bollinger band around the 1,1670 area. If GBP/USD can't stay above five periods of a smooth moving average, GBP/USD will fall. If that happens, you can open a sell trade on GBP/USD to get some profit. You can set your target profit around the first lower band of 50 periods of a Bollinger band around the 1.0850 area. I think buying GBP/USD is still profitable if you are willing to hold your open position for more than a day. Technical Analysis for GBP/USD based on H4 Timeframe

From what we see on the H4 chart above, GBP/USD is still trying to break above 200 periods of an exponential moving average. The stochastic oscillator and five periods of a smoothed moving average still indicate a bullish signal. If GBP/USD can break 200 periods of an exponential moving average, there is a chance for GBP/USD to rise today. If that happens, you can try to open a buy trade on GBP/USD today. You can set your target profit at the second upper band of 50 periods of a Bollinger band around the 1.1745 area. But if GBP/USD breaks five periods of a smoothed moving average, there is a chance for GBP/USD to fall today. If that happens, I think you can open a sell trade on GBP/USD. You can set your target profit at 50 periods of a Bollinger band around the 1.0985 area. As for now, I think waiting for a break is a good idea. Technical Analysis for GBP/USD based on H1 Timeframe

From what we see on the H1 chart above, GBP/USD is trying to break above the first upper band of 50 periods of a Bollinger band. The stochastic oscillator and five periods of a smoothed moving average already indicate a bullish signal. If GBP/USD can break above the first upper band of 50 periods of a Bollinger band, it will try to rise in the European market session until the early US market session. If it happens, making a scalping buy trade on GBP/USD can be very profitable. You can set your target profit at the second upper band of 50 periods of a Bollinger band around the 1.1490 area. But If GBP/USD breaks below five periods of a smooth moving average, there is a chance for GBP/USD to fall in the next few hours. If that happens, I think you can try to make a scalping sell trade on GBP/USD. You can set your target profit at 50 periods of a Bollinger band. Trading History

I got a profit from buying GBP/JPY in the early Asian market session today.