GBPUSD Detailed Analysis: Wait before Buying
After a spectacular rally since September till mid-December, we are now seeing a decent pullback in GBPUSD.
Some traders probably believe that it's a reversal. However, at this stage, I would like to think that it's a decent correction.
Price is still above the 100 day EMA which means the uptrend is still intact.
But, that doesn't necessarily mean we should buy immediately.
In fact, my ideal buy area is between 1.2800-1.2905 with SL placed below 1.27
I would target 1.31 and then 1.35 as my Take Profit(TP) areas.
Alternatively, if the price breaks below 1.28 and finds acceptance, then the Buy set-up will be invalid
Some traders probably believe that it's a reversal. However, at this stage, I would like to think that it's a decent correction.
Price is still above the 100 day EMA which means the uptrend is still intact.
But, that doesn't necessarily mean we should buy immediately.
In fact, my ideal buy area is between 1.2800-1.2905 with SL placed below 1.27
I would target 1.31 and then 1.35 as my Take Profit(TP) areas.
Alternatively, if the price breaks below 1.28 and finds acceptance, then the Buy set-up will be invalid
