GBP/USD: Potential Buying Opportunity
Year to date, the pair has developed a support line trending positively. Also serving as further support is the 9-day EMA.
I would wait for the pair to trace down back towards the support and then enter a long GBP position. I expect the first level of resistance will come at 1.3000, and following a break of that, around the 200-day EMA, currently at 1.3030.
Trade:
Buy Limit: 1.29295
Stop Loss: 1.2890
Take Profit (half): 1.3000
Take Profit (other half): 1.3030
Alternatively, I do see another resistance point potentially coming a little before the 1.3000 level, at around 1.29850, which I realize does not make the most attractive risk:reward ratio. However, I think there is still a few pips to squeeze out to the upside at this current level before this overall up-trend ends.
I would wait for the pair to trace down back towards the support and then enter a long GBP position. I expect the first level of resistance will come at 1.3000, and following a break of that, around the 200-day EMA, currently at 1.3030.
Trade:
Buy Limit: 1.29295
Stop Loss: 1.2890
Take Profit (half): 1.3000
Take Profit (other half): 1.3030
Alternatively, I do see another resistance point potentially coming a little before the 1.3000 level, at around 1.29850, which I realize does not make the most attractive risk:reward ratio. However, I think there is still a few pips to squeeze out to the upside at this current level before this overall up-trend ends.
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