Potential longs seen on the GBP

FX:GBPUSD   British Pound / U.S. Dollar
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Weekly Timeframe: The weekly timeframe shows that further downside from the weekly swap area at 1.5426-1.5561 has recently been seen. This move consequently pushed the GBP deep into the depths of a weekly swap level seen at 1.5270.

Daily Timeframe: Yesterday’s trading action saw the market plunge into a daily demand area coming in at 1.5195-1.5252, which, if you look back to the weekly chart, you’ll notice it’s located just below the aforementioned weekly swap level.

4hr Timeframe: Although both the weekly and daily timeframes show price trading around immediate support at the moment (see above), the 4hr timeframe on the other hand, indicates that price will very likely decline further before rallying higher. The reason for this is simply because price, at this point in time, is floating just above a mouth-watering 4hr demand area positioned at 1.5208-1.5237 (located relatively deep within the aforementioned daily demand area) that has ‘trade me’ written all over it.

Given the points made above, we’ve decided to set a pending buy order just above the aforementioned 4hr demand area at 1.5239, with a stop-loss order placed just below at 1.5203. Assuming that our buy level is triggered today, the first take-profit target will be set just below the 1.5300 handle at 1.5295.

Current buy/sell orders:

• Buy orders: 1.5239 (Predicative stop-loss orders are seen at: 1.5203).

• Sell orders: Flat (Predicative stop-loss orders are seen at: N/A).

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