GBP/USD analysis & trading plan by Keon Consultancy | Nov 5, 2020

Previous GBP/USD trade was closed at BE ahead of the BOE/MPC news/events. However, we were willing to buy again if the overall impact of the news/events came positive.

GBP/USD started surging up after the news. A buy position was entered as soon as RSI crossed 50. Moreover, we got a Gartley under construction.

Risk: The position will be closed if an H1 candle will close below C.

Alternative scenario:

XABCD may not stop at the first resistance and may reach the final resistance forming a hybrid of Crab and Butterfly. The final resistance is a significant level because it's a confluence resistance cluster made by the XABCD ( 224% of BC & 127.2% of XA) and the ab=cd level. It means that the whole XABCD can be just a part of abcd development.

Trade plan 1: Close the position when the pair touches the 1st resistance, then re-enter after a tiny retracement (e.g. 23.6%) to target the final resistance.

Trade plan 2: Close half of the position when the pair touches the 1st resistance, then close the rest half at the final resistance.

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