Today I'd like to share my GBPUSD trade idea with you.
We're seeing Dollar weakness as at end of July. I expect GBPUSD to continue it's rally to in and around the 1.30000 psychological level. I also expect price to react quite strongly at this level, to push to the downside.
Potential downside targets can be in and around the 1.24500 level (550 Pips). Some confluent factors to this target are the channel and potential liquidity lying under the bars / wicks formed early in July.
After the retracement to 1.24500 I'll look to go long targeting the pre-covid level of 1.32000 for a potential 750 Pip rally.
something I'll be looking at for confluences - stronger DXY in upcoming weeks, as well as a rise in the yield of 10-year Treasury Notes. So lower prices!
But all of this is just speculation - happy trading.