The British Pound versus the US dollar (GBP/USD) Ichimoku Technique Analysis ahead of the UK general elections 2019.
I no longer personally day trade forex. I only invest in foreign exchange pairs such as GBPUSD longer term, which is exactly what I’m showing in this video today.
I use Ichimoku Cloud Analysis across all the assets that I invest in, including stocks, ETFs and cryptocurrency.
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Today I’m creating a GBPUSD strategy, looking at the GBP USD pair across different time frames in order to decide whether or not we have a solid bullish signal to act on before or after the UK general elections 2019.
I look at the markets based on my signature Invest Diva Diamond Analysis (IDDA) and combine it with the Ichimoku Kinko Hyo strategy development technique including indications from the Ichimoku cloud. The IDDA looks at investment strategies from 5 points: technicals, fundamentals, sentiment, capital, and overall.
GBPUSD Fundamental Analysis
Last week was a rough week for the USD as the latest U.S. business sentiment data knocked it down early in the week to levels it couldn’t recover from, even after a very strong U.S. employment update. This week, we have the US consumer price index and the FOMC rate decision that could impact the USD. On the other side of the pond, the UK is holding its general elections on Thursday, December 12th, which could get the GBP moving and shaking.
GBP USD Technical Analysis
Today I’m looking at the GBP USD pair which has been stuck at the 1.3155 resistance level it hit last Thursday. Looking at GBPUSD Ichimoku strategy from a longer time frame, say the weekly chart, we have a brand new Ichimoku indication.
The GBP/USD pair confirmed a break above the weekly Ichimoku cloud, and it’s also in the process of forming a double bottom bullish reversal chart pattern. Now with the Ichimoku signal, we normally expect a temporary pullback after the bullish break, which could create an optimal buying opportunity for long-term bulls.
Disclaimer Trading in the financial markets involves a risk of loss and you should only trade the money you can afford to lose.