On a daily chart, our technical analysis gives a signal of bullish trend. Bullish trend will be confirmed after the price crosses entry point i.e. 1.17804. Price will then be expected to reach next resistance level but to be on the safe side our trade closing point will be 1.20108, as there can be a reversal after TP.
There are 3 critical points in the trend TP 1 TP 2 and TP 3. Indicators are also showing that the pair is oversold which in result will force to go bullish
GBPUSD is showing bearish move, we are predicting it to hit our first take profit level i.e TP 1 at 1.31420 which is also a support level, if it went down from this level then it probably hit second take profit level i.e TP 2 at 1.31165
Following the yesterday's increment in the currency it reached the resistance level of 61.8, it indicates a reversal. If current price breaks the level of 1.32712 then there should be a dip following a Bearish trend (USD will gain strength against GBP in the market). First take profit level i.e. TP 1 at 1.32083 at a support level. second take profit i.e. TP 2 at...
There is a resistance level at 0.382 of Fibonacci, if resistance continues then the trend will probably hit the predicted rate of this particular pair. This trend can be confirmed by stochastic indicator as it is indicating a bearish trend.
