GBPUSD Technical Analysis: Holding Long from Weekend Analysis

FX:GBPUSD   British Pound/U.S. Dollar
Talking Points:

  • GBPUSD Technical Strategy: Bullish
  • Support: 1.5574, 1.5537, 1.5515
  • Resistance: 1.5615, 1.5640, 1.5705

The GBPUSD             is in consolidation zone and might be continue it’s upward consolidation for near future. Daily close above resistance level of 1.5610 will open a door will challenge 1.5640 and 1.5700 resistance. On alternate, break of current support at 1.5574 will find support near 1.5537 and 1.5515.

On Elliottwave view, we are holding temporary bullish view as part of correction label of wave (a)-(b)-(c) and our primary target will be 1.5730, while daily close above the bearish channel at 1.5610 will boost our confidence.

As per our previous post, we are long from 1.5510 level for primary target for 1.5720; while we moved our stoploss to 1.5536 level. Once, we reach our first target, we will close half position and leave half for more momentary gain. To receive instance trade update and analysis, please follow us on twitter handle @hoagtrading
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