Is there any hope for buyers in GBP/USD? (Key levels, entry, TP)
Hello everyone, GBP/USD is on a continuous downtrend after hitting the highs
on July 14. Since then, we have witnessed more than 70 days of downtrend.
📌Currently price is in the vicinity of 1.2120 Level. More than 75% of the retail
traders are long on GBP/USD, which indicates that it could take a while
before price reverses.
📌The next key level lies in 1.18. However, as per my analysis and intuition, price
would pullback soon.
📌So, my recommendation is to wait for a reversal pattern to form in the
hourly and 4Hour chart. Ideally, I would be looking for a reversal pattern followed
by strong bullish impulse before going long. I expect price to reach 1.25 level within
a couple of weeks.
on July 14. Since then, we have witnessed more than 70 days of downtrend.
📌Currently price is in the vicinity of 1.2120 Level. More than 75% of the retail
traders are long on GBP/USD, which indicates that it could take a while
before price reverses.
📌The next key level lies in 1.18. However, as per my analysis and intuition, price
would pullback soon.
📌So, my recommendation is to wait for a reversal pattern to form in the
hourly and 4Hour chart. Ideally, I would be looking for a reversal pattern followed
by strong bullish impulse before going long. I expect price to reach 1.25 level within
a couple of weeks.
Comment:
Price up 50 Pips since I posted
Comment:
128 Pips secured so far
