GBP/USD on M15 chart
Today, the levels indicator was formed without the mandatory zone which makes it difficult to define the direction for the day. The options channel has moved higher compared to yesterday’s session, thus indicating further growth. The price tested the daily balance yesterday and formed a pattern that we usually see on Wednesday. This pattern suggests a strong bullish trend that may start after a pullback. However, the price is holding at peak levels which is a worrisome sign.
According to the Kryptex trading system, the 1.3 filters have turned yellow, a standard indication for selling the pair.
GBP/USD on M1 chart
The Kryptex system formed a buy signal first. On both H4 and 1440 blue indicators, a buy signal was generated by Uno R. The expert advisor opened three buy orders following the Runo ST signal for GBP/USD. The change of the filter on H4 signalled the closing of the position. The advisor followed this signal which resulted in -37 pips x3 orders = -111 pips. Notably, we could have closed at zero if we had followed further price movement. But this became clear only in retrospect. At the moment, I have a loss according to Runo ST.
Let’s see what is next.
GBP/USD on weekly chart
On the weekly chart, the pound/dollar pair is approaching a strong level of resistance. Will there be a pullback from this level? Or will it be a false breakout and a downward movement? It could also be a clear breakout with fixing above this level. The pair will most probably visit the level of 1.4375, where stop loss orders are hidden. For now, I have no more trading ideas on how to remove these stop orders.