FrenchIvory

GBPUSD Long Term Buy/Will the Trendline hold?

Long
OANDA:GBPUSD   British Pound / U.S. Dollar
i think i'm one of the few people right now not looking to short GBPUSD, and that's because not only did we reject a major support/resistance zone (1.34000) as well as the 200EMA on the Weekly timeframe, we're currently in a uptrend. I've learned through painful lessons that you should avoid taking positions that go in the opposite direction of the current trend. No matter what style of trading you use or if you trade on the 1/5m, 15m, 1H or 4H, you should always be looking at the DAILY and even weekly for big support/resistance levels and long term directional bias. Otherwise you'll always find yourself buying the highs and selling the lows.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.