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GBP/USD Potential Upward Movement

GBP/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.4002, 1.4050, 1.4182

Key Support Levels: 1.3914, 1.3858, 1.3845

Daily Chart:

The price on the higher time frame managed to break both the pennant and the daily resistance to the upside. A lower correction has been posted to the new support around the 1.3914 USD level where we expect a continuation of the trend upward.

GBP/USD Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hr time frame, the pair managed to break the bullish flag formation to the upside with a big bullish candlestick. Currently, the price is stuck above a strong support around the 1.3945 USD mark where we expect after it a move upward in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 1.3947

TP 1 @ 1.3999

TP 2 @ 1.4050

Stop Loss @ 1.3921

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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