Daily Price Action

GBPUSD Twenty-Year Bullish Reversal Pattern Will Be Key in 2021


GBPUSD could be on the verge of a massive bull run.

I wrote about the twenty-year falling wedge on October 29th.

GBPUSD falling wedge on the monthly chart
GBPUSD monthly time frame

The structure above hints at a bullish reversal for the pound.

That isn’t surprising given what we’ve seen from other major currency pairs in recent months.

However, GBPUSD buyers still have work to do.

The pair needs to secure a weekly close above wedge resistance near 1.3340.

I’d also like to see GBPUSD buyers take out the recent highs at 1.3480.

Those are the two key resistance levels that need to break to send GBPUSD higher in 2021.

A weekly close above 1.3340 followed by 1.3480 would open the door to the 2018 highs at 1.4350.

I will continue to like the idea of an imminent break higher as long as the May trend line support is intact.

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GBPUSD key levels on the daily chart
GBPUSD daily time frame

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Justin Bennett says

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sir you say your last week posting that USD/JPV will goes downward and meet 101.00 some thing but your prediction is wrong and I have lose some money 200usd??? I am on sales side?

Samuel says

Thanks for the information.very good one.

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