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GBP/USD Potential Upward Movement

GBP/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.38919, 1.40006, 1.41065.

Key Support Levels: 1.38005, 1.36867, 1.36800.

Daily Chart:

The price on the higher time frame succeeded to break the daily resistance around the 1.38005 USD mark by posting an engulfing bullish pattern. The market retraced to this area where a new bullish impulsive wave might be seen.

GBP/USD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price managed to break the bullish formation after finding buyers around the 50% Fibonacci retracement level. a lower correction could be seen to the highlighted zone before a rally toward the target profit.

Signal Idea:

Buy Limit Order @ 1.38290

TP 1 @ 1.38868

TP 2 @ 1.40006

Stop Loss @ 1.38101

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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