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GBP/USD Potential Upward Movement

GBP/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.35697, 1.37264, 1.38078.

Key Support Levels: 1.34280, 1.33964, 1.33587.

Daily Chart:

The price on the higher time frame posted an engulfing bullish pattern showing that the bulls took control of the market and managed to break the bearish channel to the upside. We expect that this would lead for a reversal and a move to the upside.

GBP/USD Medium-Term Trend: Bullish

1-Hr Chart:

On the lower time frame, the price posted a Wyckoff accumulation phase where the buyers managed to move to the upside. We can see higher lows showing that we are in the beginning of a new trend to the upside.

Signal Idea:

Buy Limit Order @ 1.34937

TP 1 @ 1.35782

TP 2 @ 1.37264

Stop Loss @ 1.34769

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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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