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.
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