GBPUSD reaches the final target zone. Time for profit taking?
GBP/USD has almost reached the supply area near 1.2650. When price was at 1.2340, I mentioned that breaking the ascending triangle top will lead to a strong uptrend towards 1.2650.
And as you can see, GBP/USD Bulls have take the price near to the target zone already.
What happens next will be determined purely by how big players react at this level.
Based on my experience, there's a fairly big chance of some profit taking in this Supply Zone and GBP/USD can make a correction. However, if the correction is small, it will imply that Bulls are strong and they are looking to break this 1.2650 resistance level.
I am already out of my buy trades at 1.2580 and I will wait for a correction or a clear break of the resistance level before executing new orders.
However, if sellers step in at the Supply area, there is also a possibility of making 100-150 pips on a short trade.
What happens next will be determined purely by how big players react at this level.
Based on my experience, there's a fairly big chance of some profit taking in this Supply Zone and GBP/USD can make a correction. However, if the correction is small, it will imply that Bulls are strong and they are looking to break this 1.2650 resistance level.
I am already out of my buy trades at 1.2580 and I will wait for a correction or a clear break of the resistance level before executing new orders.
However, if sellers step in at the Supply area, there is also a possibility of making 100-150 pips on a short trade.
