I'm bullish on this asset, would GBPUSD take off? Let's discuss
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Currently active in a Short Position.
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GBPUSD has been on a tear lately, but is it time to take a breather or keep chasing the rally? Here's a quick look at some potential trade ideas for the coming week:
Bullish Momentum:
- GBPUSD is currently trading above its 50 and 200-day moving averages, suggesting continued bullish momentum.
- GBPUSD chart showing 50 and 200day moving averages
Positive fundamentals:
- A weaker US dollar and improving risk sentiment could provide tailwinds for the pound.
Potential long entry:
- Look for a break above 1.2800 to confirm the uptrend and target 1.3000 or higher.
Key resistance levels:
- 1.2850 and 1.3000 could act as strong resistance zones.
Alternative strategy:
- Consider a long trade with a tight stop loss or wait for a pullback before entering.
Bonus:
- Keep an eye on upcoming economic data releases, such as the US Core PCE and Non-Farm Payrolls, which could impact the USD and GBPUSD direction. Feel free to share your own GBPUSD ideas and analysis in the comments below!
Disclaimer: This is not financial advice. Please consult with a qualified financial advisor before making any investment decisions. These are just ideas, not guarantees. Always do your own research and analysis before making any trading decisions. Manage your risk carefully and use stop-loss orders to protect your capital.
Congratulations and well done for sharing your first idea with the community. Hope you will be having great experience. Thanks for your contribution. From mod @Bravetotrade
blamezak
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@Bravetotrade, Thank you for the Support and being a part of an encouraging community.
TradingView
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Greetings, good work on your first post. We hope you found it an enjoyable process. Thanks for sharing with the community.
Hope you will be having great experience.
Thanks for your contribution.
From mod @Bravetotrade