GBPUSD Hourly chart analysis

FX:GBPUSD   British Pound / U.S. Dollar
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.
Comment: It reached 1.2994 which is very close to my 1.30 target. Almost 70 pips up from the time I posted this


Great setup, Im looking for the buy as well

+2 Reply
ProCFDTrader DaweFXHunter
@DaweFXHunter, Good analysis. Thanks for sharing :)
I expect a retracement on it from a daily perspective, it definitely looks overextended at the moment
+1 Reply
my daily bias is bull mrket

+1 Reply
@Fx-jomic, Great chart and analysis
Good analysis! Upvoted!
+1 Reply
ProCFDTrader plancton0618
@plancton0618, Thank you
thanks for the analysis thou
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