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GBPUSD Weekly MACD Trying to Positively Cross

Tradable Patterns - Wed Oct 5, 11:13PM CDT
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GBPUSD Weekly/Daily/4hr

The (GBPUSD) is trying to firm after yesterday’s healthy profittaking, but remains vulnerable to more consolidation ahead of the weekend before it can rechallenge the psychologically key 1.15 whole figure level.  With what is arguably a Bullish Island Reversal (on the weekly chart) near complete, the GBPUSD is likely to test downchannel resistance (on the weekly chart) before month end.  Although odds are low for a retest of the 2022 low before year end, the GBPUSD is vulnerable to a break below ascending wedge support (on the daily chart) following Friday’s highly anticipated US Non-Farm Payrolls (NFP).  The escalation in the Ukraine-Russia conflict deserves close monitoring.  The weekly and daily 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).

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