GBPUSD is currently pulling back from resistance at 1.26325. This is a good opportunity to buy the dip, as the price is expected to rebound and break above resistance. The next target is at 1.27220.
Entry:
Buy at 1.26000
Stop loss:
Place your stop loss below the support level at 1.25500.
Risk/reward:
The risk/reward ratio is favorable, with a potential reward of 122 pips for a risk of 50 pips.
Fundamentals:
The fundamentals are also supportive of a bullish outlook for GBPUSD. The UK economy is recovering well, and the Bank of England is expected to raise interest rates in the near future. This will make the UK pound more attractive to investors.
The technicals are pointing to a rebound, and the fundamentals are supportive.
Here are some additional things to keep in mind when trading this pair:
The GBPUSD is a volatile pair, so be prepared for sharp movements in price.
Use a stop loss to protect your profits.
Don't trade more than you can afford to lose.
Entry:
Buy at 1.26000
Stop loss:
Place your stop loss below the support level at 1.25500.
Risk/reward:
The risk/reward ratio is favorable, with a potential reward of 122 pips for a risk of 50 pips.
Fundamentals:
The fundamentals are also supportive of a bullish outlook for GBPUSD. The UK economy is recovering well, and the Bank of England is expected to raise interest rates in the near future. This will make the UK pound more attractive to investors.
The technicals are pointing to a rebound, and the fundamentals are supportive.
Here are some additional things to keep in mind when trading this pair:
The GBPUSD is a volatile pair, so be prepared for sharp movements in price.
Use a stop loss to protect your profits.
Don't trade more than you can afford to lose.
Comment:
Price approaching our target nicely....