GBPUSD - PREFER LONGS.
The counter GBPUSD was travelling in the resistance trend line from 30th April which has been tested at the price twice at the prices 1.2467 and 1.2297. On 19th May the bearish trend came to an end by breaking in the resistance trend line at the price 1.2258.
Now the current trend is bullish and the counter is travelling in the ascending channel. We prefer going buys in GBPUSD maintaining stops below the channel’s support line. The break of R1 @ 1.2479 might push the counter further up to R2 @ 1.26435.
As the market moves in a channel pattern, expect choppy trades rather than aggressive moves.
On the fundamental side, we look out for the Consumer confidence coming up this Friday to have an impact in the counter.
HAPPY TRADING
Now the current trend is bullish and the counter is travelling in the ascending channel. We prefer going buys in GBPUSD maintaining stops below the channel’s support line. The break of R1 @ 1.2479 might push the counter further up to R2 @ 1.26435.
As the market moves in a channel pattern, expect choppy trades rather than aggressive moves.
On the fundamental side, we look out for the Consumer confidence coming up this Friday to have an impact in the counter.
HAPPY TRADING
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