Bulls might step in soon on the GBPUSD

FX_IDC:GBPUSD   British Pound / U.S. Dollar
If I had to pick one currency to have a long position in ATM, it would be GBP.

The EUR is weak, the USD is seeing a much needed pullback, and despite uncertainty in the past couple of months leading up to the elections, the GBP is starting to look like a nice long trade.

I think we might see a decent opportunity in the GBPUSD             in the next couple of days.
The level I am looking for is 1,55.


Around 1,55 heaps of bullish confluence is layered.

1. Bullish momentum since the bottom at 1,46
2. 1,55 was previous resistance, tested at the 29th - 30th of April, and could very well be tested as new support
3. Both 50% and 61,8% fibo levels, will come to play around 1,55
4. The 200 EMA will com into play
5. The ascending trend line will provide further support.

A possible target could be 1,625 - 1,66, before the USD bulls will start to run again.

Keep an eye on the DXY             though.
The GBPUSD             pullback, coincides with a pullback on the DXY             to 95. If the DXY             breaks through 95, the GBPUSD             will probably depreciate further than 1,55.
So look for a rejection of the 95 level on the DXY             for extra confluence.

Happy Trading!

// Mads Brandt
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