Price has been trending down and has reached a key support level on the daily.
If price respects this level, I will wait for an inner trendline break to open a long entry.
Overall, if this has happened, price is pulling back for a retracement to eventually continue down.
The Take Profit 3 area is 61.8% of the entire move down and is a key...
Following up from the previous analysis of EURUSD and knowing that these two pairs correlate with each other, it gives me an idea of where GBPUSD is heading long-term. Right now we can see that an ascending triangle is forming which suggests that price is on it's way up. Therefore, i'm looking to buy when price breaks the resistance zone at 1.26470 to then take...
The chart here shows that GBP is currently at a strong support level of 1.24800 level. This support level has been tested as past resistance levels for at least 5 times in recent times. When such a support level is being tested, the pair does hold a good chance of bouncing back. I would set the TP level at around 1.25200 levels.
Signs of Bullish GBPUSD
-This week's candle did not break previous low
-Previous week candle break previous high
-This week's candle is a retest
-Strong GOLD
-4 hour candle been testing the resistance at 1.2370
-Weak US economy (DOWJONES index)
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GBPUSD Analysis : price is currently buying from support zone price 1.22080 we are expecting price to reach resistance zone price 1.31386 long term after a potential sell retracement daily time frame.
My specialist indicator was giving a 3 star BUY trade this morning. We have a clear break of resistance (green trend line) as the price pushes through on an ascending triangle to higher ground.
First obvious target is WR1 resistance at 1.2580.
Looks a good thing this with Dollar Index under 100 and a fair bit of GBP strength about.
The pair maintains its laterality, which enhances the idea that it will continue in an uptrend. A clear flag marks this lateral movement. At any moment we should see a bullish momentum. If we see it with Elliot Wave , we would be in front of a lateral 4 wave. going in search of wave 5, and resistance.,,
