GBP/USD approaching support area, possibility of a long entry?
Overview- GBP/USD is approaching a support area. Although price action is not
very supportive of the bulls right now, there could a chance for the buyers soon. Let us analyze
and see if GBP/USD could be entering a buy area soon.
Analysis - From the chart, you can see that price is still above the 100 day MA
which suggests that the uptrend is still intact from a long term perspective. There is significant
support in the 1.36-1.37 region. If today's candlestick is bullish, then in the coming days,
GBP/USD could be on it's way towards 1.40.
Probable trade set-up - Buying GBP/USD between 1.3600-1.3650 with SL below
the 100 day EMA is a good idea. TP can be placed at 1.40.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
very supportive of the bulls right now, there could a chance for the buyers soon. Let us analyze
and see if GBP/USD could be entering a buy area soon.
Analysis - From the chart, you can see that price is still above the 100 day MA
which suggests that the uptrend is still intact from a long term perspective. There is significant
support in the 1.36-1.37 region. If today's candlestick is bullish, then in the coming days,
GBP/USD could be on it's way towards 1.40.
Probable trade set-up - Buying GBP/USD between 1.3600-1.3650 with SL below
the 100 day EMA is a good idea. TP can be placed at 1.40.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.