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GBP/USD Potential Upward Movement

GBP/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.4003, 1.4080, 1.4344

Key Support Levels: 1.3808, 1.3670, 1.3540

Daily Chart:

The price on the higher time frame succeeded to break the bullish flag formation to the upside and now we are expecting that the price will post a correction count to the daily support around the 1.3084 USD level.

GBP/USD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a bullish channel formation where a lower correction is being formed. We have an area of confluence between the 50% Fibonacci retracement level and the support @ 1.3810 USD level. This could lead to a bounce and then move upward toward the 1.3901 USD mark.

Signal Idea:

Buy Limit Order @ 1.3810

TP 1 @ 1.3901

TP 2 @ 1.4003

Stop Loss @ 1.3766

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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