It appears current pound sentiment has turned bullish due to May’s speech yesterday, GBP had moved more than 350 pips against the dollar yesterday, further exemplifying current dollar weakness, and thus current pound strength. I will be looking for long opportunities throughout the day.

GBP/USD daily chart

Price has created a very large bullish engulfing candle coming off MS1, I will wait for a pullback and look for an entry around the MM2 area, with a target of MR1/MM4 . further more, daily stochs have crossed to the upside.

GBP/USD H4 chart

Price is at current role reversal support, and coming off the h4 5ma, however the H4 stochs are overbought, thus I may look to the second level of support for an entry, should we get there. Furthermore, the 21 and 55 ma's are close to crossing to the upside, indicating a possible change in trend, to the up.

GBP/USD H1 chart

I have shown three area of potential entry. The hourly stochs are oversold, and thus an upside cross and move is expected.

One thought on “GBP/USD daily long”

  1. Malesela Nkwe says:

    Nice Dom, I see your perspective. I will also monitor this…

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