1. As per yesterday’s trade plan, GBPUSD went up as expected and Pound continued to show strength against the weaker dollar after Brainard’s speech last night.
2. I remain a bull on GBPUSD and am expecting some good results out of the UK today – of course that doesn’t mean I am just jumping into the market, I am going to look for buying opportunities as long as fundamental data supports my bias
3. Technically price came up off role reversal MM3 on daily, made a double bottom on H1 and has subsequently made a higher high.
4. At the time of writing this article, price has dropped from DM3 and is at WPP, where I am expecting bulls to buy.
5. An aggressive bull would look for confirmation on a lower time frame chart – which would be a higher high going long on the higher low at support
6. A conservative bull would look for a break of DM3 and then buy the role reversal
7. If bears start entering the market and we see price move down and break WPP, then I would look to the next level of support on H1 – the 38.2 fib.
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