Trade FX: GBP/USD with Unum Capital.
To get started, email lester@unum.co.za
Current price action model reading:
Q: What is the overall trend for GBP/USD? Bullish. Both the medium and long-term trends indicate buying pressure and an attempt to advance within a bullish regime.
Q: What is the current 7-day trend? Overbought.
Q: What is the current 14-day trend? Very Bullish.
Q: Is there any opportunity for a short-term buy/long position? Yes, but with caution. The short-term action suggests "Aggressive Buying". However, it advises waiting for a pullback to enter, indicating a potential temporary dip before further upward movement.
Q: Is there any opportunity for a short-term sell/short position?
Potentially, but only if specific conditions are met:
If the highs fail to hold, then a short position back to the 8 or 21-EMA is suggested.
In the medium term, if there's an overshoot or failure to hold prior session range highs, a short-sell back to the 8-EMA is considered.
Q: What is the current position & trend for the short term (1 to 10 days)? Aggressive Buying, but overbought. The advice is to wait for a pullback to enter.
Q: What is the current position & trend for the medium term (2 to 4 weeks)? Aggressive Buying, but with caution against chasing. The strategy is to look for overshoots or failures to hold prior session range highs to short-sell back to the 8-EMA.
Q: What is the current position & trend for the long term (5 to 8 weeks)? Attempting to advance within a bullish regime. The advice is to use pullbacks to the prior session close or 8-EMA as accumulation zones.
In summary:
GBP/USD is in a bullish trend overall.
The short-term is showing aggressive buying but is overbought, suggesting a potential pullback.
The medium and long-term trends remain bullish, but with specific strategies for entering and exiting positions based on pullbacks and potential overshoots.
ABOUT THE TACTICAL TRADING GUIDE:
Technology + Proprietary Insights has helped to develop automated tools and strategies that are used to identify potential trading opportunities as well as highlight potentially significant technical developments across various time frames. This page highlights readings from our Tactical Trading Guide (Price Action Tool) which is also available as a live tool via the telegram group. The tool provides automated price analysis for any tradeable instrument across 3 time frames: short (short term), medium (medium term) and long (long term). Readings are subject to change, based on the development of the subsequent price action.
Lester Davids
Analyst: Unum Capital
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