In the hourly chart, GBPUSD
is well above the 100Hour EMA
which means the uptrend is intact. Right now, I don't want to buy GBPUSD
at the current market price because GBPUSD
rally looks overextended to me.
However, if price pulls back towards the 100 Hour EMA then, I will be looking for a buy entry.
The area I have highlighted in my chart could be a possible buy entry with 1.30 as the target.