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GBP/USD Potential Upward Movement

GBP/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.38875, 1.39856, 1.39900

Key Support Levels: 1.38008, 1.37422, 1.37400

Daily Chart:

The price on the higher time frame succeeded to break the wedge formation to the upside after finding support around the 1.36663 USD level. In addition, the market seems to form a bullish head and shoulders where it posted a bullish engulfing pattern near a strong support.

GBP/USD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price posted a pullback correction to the 1.38008 USD level and reversed higher with a series of a bullish candlesticks. A lower could be seen to the highlighted zone before a new impulsive wave to the upside.

Signal Idea:

Buy Limit Order @ 1.38455

TP 1 @ 1.38863

TP 2 @ 1.39856

Stop Loss @ 1.38296

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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