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GBP/USD Potential Upward Movement

GBP/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.4244, 1.4344, 1.4400

Key Support Levels: 1.4007, 1.3800, 1.3672

Daily Chart:

The price on the daily time frame is trending to the upside by posting higher highs and lows. Currently, the market is forming a correction count where we expect further movement to the upside in the same direction of the main trend.

GBP/USD Medium-Term Trend: Bullish

1-hour Chart:

On the lower time frame is trading inside an expanding wedge where we can see that the price posted a correction count. Now the price is trading near the 50% Fibonacci retracement, and we have a big engulfing candlestick signaling the end of the correction and time to rally again.

Signal Idea:

Buy Market Order @ 1.4173

TP 1 @ 1.4243

TP 2 @ 1.4344

Stop Loss @ 1.4140

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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