GBPUSD Technical Analysis: Long Position Triggered;

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

  • GBPUSD Technical Strategy: Bullish
  • Support: 1.5475, 1,5357, 1.5250
  • Resistance: 1.5635, 1.5675, 1.5780

GBPUSD             had a beating from BOE, but we still believe there is one pending leg up before it’s turn bearish . Currently pair broken bullish daily trendline but supported by bearish weekly trendline . We are expecting range trading between 1.5780 & 1.5500. Breaking below 1.5475 can find support at 1.5375. While above 1.5640 can open door towards 1.5780.

On Elliottwave view, we are holding temporary bullish view as part of correction label of wave (w)-(x)-(y) as part of flat correction . Our primary target will be 1.5780, while daily close above the bearish channel at 1.5640 will boost our confidence.

Our long from 1.5485 triggered and for primary target for 1.5780. 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 in your mailbox, please subscribe us for risk free 15 days trial by sending mail to hoagtrading@gmail.com
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