Hello Ladies and Gentlemen.
Hello Ladies and Gentlemen, my name is Mike Whiting. I'd like to start this thread to discuss each others' outlooks on the various currency pairs within the market. This is made in order for us, as a whole, to gain knowledge and insight from each other in order to 'play' the market effectively. This happens because one person may not have seen an opportunity within one pair while another may have, which effectively allows us to gain insight from each other.
I'll begin with my outlook on the GBP/USD. I trade mostly on weekly, daily, and occasionally four hour charts. Anything less than that, I consider to be just noise so I stay away, unless I just feel like scalping for a small profit for the day. This outlook is based on the weekly and daily views of the GBP/USD. For both views, we are in an upwards channel, which doesn't look as if though it will be broken very soon. On the weekly charts, it looks as if though we have just retraced from the last bull move upwards (1.9875 up to 2.0494) to the 38.2 retracement level. After we retraced to this level, it looks as if though we have already bounced away from it and so I feel that we will be continuing the uptrend in the coming weeks. In congruence with this view, the daily chart is basically, through my analysis, telling me that we will be making another move upwards in the coming days. We are at 2.0335 right now at the beginning of the week. With this, I feel that we could quite possibly see the 2.05 level by the end of this week or the next. Does anyone have any different views? Thank you for your time and good luck within your trades this week.
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