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GBP/USD Potential Upward Movement

GBP/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.4001, 1.4100, 1.4150

Key Support Levels: 1.3899, 1.3824, 1.3746

Daily Chart:

The price on the higher time frame failed to break the 1.3899 USD mark, and it posted an engulfing bullish pattern which signals a potential of a reversal and then the move came to the upside in the same direction of the main trend.

GBP/USD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price succeeded to break the wedge formation to the upside after posting an accumulation phase. We expect a lower correction to the neckline of this pattern before a new impulsive wave to the upside.

Signal Idea:

Buy Limit Order @ 1.39364

TP 1 @ 1.39997

TP 2 @ 1.41000

Stop Loss @ 1.39155

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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