We have seen a persistent weakness in GBPUSD for the last 2 months due to Brexit related jitters. I believe markets have priced in a NO DEAL scenario for Brexit which is why GBPUSD is now consolidating at the demand zone.
That being said, any kind of positive development in UK politics will surely push the Pound higher versus its counterparts.
GBPUSD is now at a STRONG DEMAND ZONE. In the previous occasion, GU has made a very strong recovery from this area.
Yesterday's daily candle looks promising as well.
If price doesn't break the 1.24500 area, Traders can look for BUYs between 1.2490-1.2550 area with SL below 1.2410.
TPs can be set at 1.2750, 1.2930, 1.3080 and 1.3400 respectively. This is a long-term set-up of course.
But even now, this set-up is relevant.
That being said, any kind of positive development in UK politics will surely push the Pound higher versus its counterparts.
GBPUSD is now at a STRONG DEMAND ZONE. In the previous occasion, GU has made a very strong recovery from this area.
Yesterday's daily candle looks promising as well.
If price doesn't break the 1.24500 area, Traders can look for BUYs between 1.2490-1.2550 area with SL below 1.2410.
TPs can be set at 1.2750, 1.2930, 1.3080 and 1.3400 respectively. This is a long-term set-up of course.
But even now, this set-up is relevant.
Comment:
Trade running in +74 pips profit
Comment:
Taking partial profit now with +140 pips as price is struggling at 4H Resistance