We have published a trade idea yesterday and we have reached our first target level 1.39200. We took some profit into our pockets. Cable pulled back to EMA Support and headed North again. However, like other USD pairs, GBPUSD is looking for a fresh direction.
US Core CPI will be released today 12:30 GMT.
We keep our Bullish positions as long as the price remains above EMA 50 – 1.38600 –
If the price breaks below 1.38600, we have a bullish shark pattern which will be completed at 1.37900
On the upper side: 1.39200 remains as a resistance. – This was our first target of yesterday – If the price breaks above 1.39200, 1.39500 will be the critical level. Shortterm bearish trend may end with the breakout of 1.39500.