BombayBulls
Long

Monday FX Trade - Buying GBPUSD

FX:GBPUSD   Pound Sterling/U.S. Dollar
24 0 1
After mid-week wobble during last week, British Pound has been able to regain its composure. Move from 1.52 to 1.55 was fast and furious. So far pound has been able to digest those gains and if it can consolidate above 1.54 then another trip to 1.5800 is likely. Well that's the opinion but as you know, things can change with just one data point, so jumping in from any level doesn't make sense. Following levels can provide pound buying opportunity with good risk reward .
1.5380 - 1.5400 support area is a good level to begin with, followed by 1.5300.
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