GBPUSD Technical Overview and Trade Idea

GBPUSD Technical Overview and Trade Idea

The pair is trading at 1.31410 as of writing, above EMA 50 in the H4 Chart Time Frame. A bullish view.

GBPUSD is consolidating between 1.31570 – 1.31200 as seen on the H1 Chart.

The next step of the Cable will be determined by the direction of the breakout of this consolidation zone.

Scenario 1: 40% probability.

If the pair breaks above 1.31600, 1.31830 and 1.32380 will be the next targets. At 1.32380 we have a bearish shark pattern completion.

Our Trade will be ” buy ” close above 1.31600 targets 1.31800 and 1.32350 and sell at 1.32350 – Bearish Shark –

Scenario 2: 60% probability.

The pair is testing an important resistance. If the price breaks below 1.31200 , 1.30650 will be the next target. And our trade will be “sell ” break below 1.31200 targeting 1.30650.

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Comment:

Same DXY Recovery as published on EURUSD and XAUUD ideas