GBP climbs higher again. When to sell?
AUDUSD made a beautiful price action movement as it broke the horizontal resistance and then tested that as a support and drew a hammer candlestick. No surprise, that after this, the price surged. Now, we are below the long-term down trendline and we are waiting for, either a breakout or a bounce.
GBPCAD broke the neckline of the inverse head and shoulder formation and tested that as a support. The first test was positive for the buyers and the price went significantly higher. The sentiment is positive here and the buy signal is definitely ON.
Your capital is at risk
GBPJPY has few resistances on the way, where the price can come back to the downtrend. The first two (horizontal) were not used for that purpose though. The price broke them with ease and is now aiming for the mid-term down trendline and the long-term up trendline. The situation here is for the patient traders only and is similar to this one on the AUDUSD. We are waiting for either a bounce or a breakout.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis