GBPUSD Daily MACD Positively Crossing Ahead of US CPI

Articles From: Tradable Patterns
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CFA, Founder

Tradable Patterns

GBPUSD Daily MACD Positively Crossing Ahead of US CPI

The GBPUSD is consolidating for a 3rd straight day near downchannel resistance (on the 4hr chart).  The GBPUSD appears to be readying to complete (in the next week) the Bull Flag consolidation since the mid December high.  Odds are elevated for a break above the psychologically key 1.25 whole figure level sometime in January, with bullish momentum arriving as early as today 830am EST after the US CPI data and Friday following the UK GDP data and US preliminary UoM consumer sentiment data.  Monitor as usual the Ukraine-Russia conflict.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on EURUSD, GOLD

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Source: Interactive Brokers TWS

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