British Pound / U.S. DollarUpdated GBPUSD Trade Idea
In yesterday's analysis, I discussed about a potential drop from the 1.3740 - 1.3750 key resistance zone, which was exactly what the market performed. But during the NY session, GU found buyers pushing price through the 1.3750 key resistance creating a new high. In today's trading session, I will be looking for short-term buying opportunities. There are two setups that I am looking at
1. Some sort of exhaustion pattern (Eg. Flag, pennant, 1st pullback rule, etc) before the continuation towards the upside with 1.3840 as the target zone
2. 1.3750 serves as a key support zone now, I will be looking for retracement entries if price pullback towards the zone
As GU has now created a new high, breaking above multi-year highs as well (1.3480), avoid going against the bull trend in the long-term.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Some sort of exhaustion pattern (Eg. Flag, pennant, 1st pullback rule, etc) before the continuation towards the upside with 1.3840 as the target zone
2. 1.3750 serves as a key support zone now, I will be looking for retracement entries if price pullback towards the zone
As GU has now created a new high, breaking above multi-year highs as well (1.3480), avoid going against the bull trend in the long-term.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.