pound has once again found support around the 1.20430 area, as bulls have entered and bears have taken profit. Yesterday the dollar came under heavy selling pressure during the New York trading session and after Trump’s speech. We have seen a break in the current cable downtrend, and I will thus look for long opportunities throughout the day.

GBP/USD Daily chart

Price has bounced Off MS1, which is a bull entry level, with targer of MR1.

GBP/USD H4 chart

Price has hit and bounced off of WS2, a bearish target zone. This is also MS1, which is a bullish entry level, thus we may have nice bullish confluence in this area. Furthermore, we are no longer making lower lows and lower highs, shown by the arrows and the higher high.

GBP/USD H1 chart

I will look for an entry around the 1.21300/dm3 area, which has also been support in the past, and is also the 61.8 fib retracement level.

3 thoughts on “GBP/USD daily long”

  1. Looks like dollar will continue to fall 2day.. Let wait and see the new York session.

  2. Still think it would be playing with fire going long on this for anything more than a quick scalp.

Leave a Reply