Hello traders! We can finally see a shift in the momentum of GBPUSD, after a bearish year. The pair seems to create a nice impulse upwards on daily timeframe, and we can be looking for an entry after the price breaks the resistance on 4H. All the indicators that I use indicate a bullish move, the price is above EMAs, retesting them, the moving averages also indicate a buy, and the MACD line is above 0. Moreover, COT data shows an increase in the strength of GBP compared to USD.
It looks like a potential good setup, but first let's wait in order to see if the price manages to break above the resistance!
GBPUSD
It looks like a potential good setup, but first let's wait in order to see if the price manages to break above the resistance!
GBPUSD
Trade closed: target reached