GBP/USD Potential Upward Movement

GBP/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.35392, 1.36113, 1.37000.

Key Support Levels: 1.34518, 1.33932, 1.33500.

Daily Chart:

The price on the higher time frame failed to break the strong daily support around the 1.34518 USD mark and reversed higher leaving a fake breakout behind. We expect the market to move upward toward the next key level 1.35392 USD.

GBP/USD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair posted a double bottom formation which shows that the buyers managed to reverse the price and move it to the upside. We expect a lower correction to the 0.72262 zone before a new impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 1.34540

TP 1 @ 1.35352

TP 2 @ 1.36113

Stop Loss @ 1.34271

Trade Safely 🙂