OmiFX8

GBP/USD is good to buy above Friday's high

Long
FX:GBPUSD   British Pound / U.S. Dollar
GBP/USD is under pressure as of writing, trading below the 50-day MA of 1.3105.

The drop seen today marks a weak follow through to the falling wedge breakout confirmed on April 30 and the pair’s solid bounce from the 100-day MA seen on Friday.

The pullback from Friday’s highs, however, could be short-lived as the ascending 5- day MA is capping downside in the pair. The 10-day MA is also beginning to trend north, indicating a bullish setup.

As a result, GBP/USD could rise above 1.3176 (Friday’s high) That would strengthen the bullish case and open the doors to 1.3380.

Trade strategy: Buy above 1.3176 for 1.3380 with appropriate stops.

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