Technical analysis
Mohamed Samy
GBP/USD currency pair had a weekly support between 1.5590-1.5345 which proved its strength in holding prices above after a bearish rally from 1.6616 (1300 pips).
We also should notice the strong bullish reaction towards this weekly support manifested in the daily hammer of last thursday & the following long bullish candlesticks including yesterday's daily candlestick.
It's important to mention that the pair broke the marked bearish channel and successfully retested it at 1.5345 which we suggested as a position in previous articles.
Our suggested long position hit all of its TP levels at 1.5490, 1.5530,1.5590 and 1.5670.
Now we have a clear double buttom on the daily chart with its low at 1.5345 and neck-line at 1.5714 which was confirmed yesterday.
Now have a confirmation which is 4H clear closure above the neck-line 1.5714 which is our long signal.
On the 4H chart, The double buttom is more clear and the break of neckline is also apparent.
Our suggested position is LONG once the pair breaks the neckline which took place yesterday & 1st TP level was hit at 1.5570.
Now it's suggested again to buy at the neckline retest at the current prices with SL daily closure below 1.5680.
TP levels are 1.5770, 1.5830, 1.5900 and 1.5970.
http://instaforex.com/forex_analysis/41405/?x=OUE
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