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GBP/USD Potential Upward Movement

GBP/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.38152, 1.38289, 1.39000.

Key Support Levels: 1.37764, 1.37580, 1.37000.

1-Hr Chart:

The price on the higher time frame found support around the 1.37766 USD mark where engulfing bullish pattern has been posted. This shows that the pullback has ended and its time for a new impulsive wave toward the next key resistance level.

GBP/USD Medium-Term Trend: Bullish

15-Mins Chart:

On the lower time frame, the market is traded inside a bullish flag formation where the price found buyers around the area of confluence made of the 50% Fibonacci retracement level and the bespoke support. A lower correction could be seen before a new impulsive wave toward the target profits.

Signal Idea:

Buy Limit Order @ 1.37782

TP 1 @ 1.38281

TP 2 @ 1.39000

Stop Loss @ 1.37535

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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