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GBP/USD Potential Upward Movement

GBP/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.4106, 1.4153, 1.4181      

Key Support Levels: 1.4070, 1.4007, 1.3975

Daily Chart:

The price on the daily time frame is in a clear uptrend where it posted higher highs and lows. It managed to break the daily resistance around the 1.4007 USD mark with a big bullish candlestick. It retraced to the daily support (previously resistance), and now we expect a rally toward the upside.

GBP/USD Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame the pair succeeded to break the bullish flag to the upside and now it is trading around the 1.4070 USD level. A lower correction might be seen before a strong move to the upside in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 1.4071

TP 1 @ 1.4106

TP 2 @ 1.4153

Stop Loss @ 1.4054

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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