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FXAutomate
Aug 18, 2020 7:26 AM

Trend reversal for GBPUSD? Long

British Pound/U.S. DollarFXCM

Description

Long Trade Idea for GBPUSD. We have arrived at the edge of the diagonal bearish trend-line going back as far as early 2018. If we break here it will be the start of a new bullish trend with more dollar weakening to be expected in the medium to long term. Initial bullish targets will be at the Monthly R1 @ 1.336 with a medium a term target closer to the Monthly R2 @ 1.362. The final target would be in the region of the Yearly R1 pivot @ 1.385. Initial stop loss to be placed @ 1.308
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