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GBP/USD Bounce off Support – Quick Buy Signal!

Key Resistance Levels: 1.4084, 1.4118, 1.4158

Key Support Levels: 1.4009, 1.3970, 1.3935

Daily Chart:

The GBP/USD pair is trading strongly bullish at 1.4103 level after closing a shooting star candle at 1.4050 level. Closing of the candle above 1.4015 level is suggesting odds of bullish trend continuation in Sterling. Previously, the same trading level of 1.4015 was working as a double top pattern. Since this level has already been violated, now it’s working as a support. On the higher side, the GBP/USD pair may target 1.4176 and 1.4248 levels.

GBP/USD Medium-Term Trend: Bullish

2-Hour Chart:

On the 2-hour timeframe, the GBP/USD has closed the “Three White Soldiers” candlestick pattern which is demonstrating a strong buying trend in the Cable. Today, the idea is to stay bullish over 1.4040 level to target 1.4177 and 1.4248 level today.

Signal Idea

Buy Limit @ 1.4045

TP 1 @ 1.4177

TP 2 @ 1.4248

Stop Loss @ 1.4000

Trade Safely 🙂

About Ali B.

Live Webinar Speaker & Derivatives (Forex, Commodities, and Indices) Analyst with the broad range of skills for evaluating financial data. Expert in investment trends, technical analysis, fundamental analysis, market sentiments, and trading psychology.

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