GBPUSD is consolidating in a very narrow trading range over the past couple of weeks. You can see that the orange line is capping the upside potential. However, the support zone is very strong and I expect GBPUSD to go up from here. What I'm looking for is the price to break the orange resistance line strongly and then consolidate above the orange line. That will give us a pretty solid bullish bias. Traders can look to BUY at 1.2980-1.3010 with initial TP being 1.3085. TP2, TP3 can be placed at 1.3180 and 1.3250 respectively. SL should be placed below 1.2955 for such traders. In case we get a bullish set up as I mentioned previously, we can also see GBPUSD at 1.3400 over the next couple of months.
Comment
⋅
Comment
⋅
Switching back to the daily chart, we can see a Golden cross indicated by the yellow ellipse which is one of the major reasons I'm bullish on GBPUSD. So, price respecting the support zone(blue area) and staying above the Golden cross point(1.2921) is positive.
Trade active
⋅
Bought at 1.2985 as per plan. Now, it would be important to see if the support zone holds.