Chart to Watch - GBPUSD

Posted on by The INO.com Team

We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.

Today he is going to take a look at the technical picture of the GBPUSD Forex Pair (GBPUSD).

Today let's take a look at the GBPUSD, which is possibly setting up a good opportunity to go long.

The GBPUSD is probably making a Head and Shoulders bottom and if it breaks out above the Neckline that would be a very bullish sign that this pair is heading higher.

With Forex MarketClub uses the weekly Trade Triangle for trend direction and MarketClub uses the daily Trade Triangle for timing, so if the GBPUSD puts in a green daily Trade Triangle, we could consider going long.

The MACD is rising and if the GBPUSD continues higher, the MACD will move through the zero line.

When the MACD moves above the zero line it suggests the longer term trend is turning bullish.

So a trading opportunity looks to be at hand for the GBPUSD, which makes this a GREAT Chart to Watch !!

Thanks,
Jim Robinson
Profit Trading.com

3 thoughts on “Chart to Watch - GBPUSD”

  2. Hi Jim ... like your analysis have a Question (I watch the USDX daily and use it as a guide for all USD currency pairs). The USDX seems to be setting up using FiB [ABCD's] for a rally - that said if it does rally I would expect the GBP to fall. How does the USDX play into your analysis? Thanking you in advance for your time and effort.

    1. Grant
      Hi !
      Yes the USDX does play a part, but I would trade the pairs seperately.

      If you are following the GBPUSD pair I would trade the MarketClub signals for that pair
      and not worry about what you are thinking the Dollar might do, because often times that will fool you,
      and you will look back and see that taking the MarketClub signal would have been the right thing to do.

      If the trade turns out to be a loser, then it is a loser.

      If you are following a system like MarketClub, you have to take all the trades,
      even if you don't agree with them.

      A great man once told me (Adam Hewison), follow the system, and that is the same advice I would give to you.

      I hope that helps !!!

      Thanks !
      Jim 🙂

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