GBPUSD is nearing the 1.3250 resistance level, and based on historical data, there was a rejection at this level once at 2nd of August. Potentially, this scenario may repeat again soon, as both RSI(14) and Stochastic(14) is now at the overbought territory.
I'm still expecting GBPUSD to go a little bit further up (blue arrow) before showing and indication of a reversal. If it does, then price below 1.3199 will be a good entry point for short trade with TP at 1.3000. Since the TP is a round number, I wouldn't be surprised if there will be a lot of buyers coming into the picture, which eventually may push the price further up. Plus, the overall market situation is up-trending.
I'm still expecting GBPUSD to go a little bit further up (blue arrow) before showing and indication of a reversal. If it does, then price below 1.3199 will be a good entry point for short trade with TP at 1.3000. Since the TP is a round number, I wouldn't be surprised if there will be a lot of buyers coming into the picture, which eventually may push the price further up. Plus, the overall market situation is up-trending.
Note
Something has triggered pound today and it boost the price. Waiting for a reversal confirmation before entering short trade.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.