Tickmill's Investing Diva, GBPUSD Outlook 26-02-20
GBPUSD Outlook - On Tuesday we found out that Home prices increased 3.8% in December, Markets bet Fed is pushed to cut rates in coronavirus response, and US consumer confidence for February comes in lower than expected.
On Wednesday ECB President Lagarde Speaks in Germany.
Today I’m looking at the GBP/USD pair which has been moving in a downward channel and broken below the Ichimoku cloud beginning of February, but now may be in the process of forming a double bottom bullish reversal chart pattern at the 38% Fibonacci retracement level of 1.2897.
This could also turn out to be another range within the downward channel, which could create range-trading opportunities for medium-term traders.
Do you think the GBP/USD pair will find a new solid direction soon?
Head over to the comments section and let me know!
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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