GBPUSD showing bullish signs
GBPUSD has been showing bullish signs in the recent days and it may be a good time to buy the currency as it has the tendency to rally up to 1.22500 and then 1.23000. One of the key factors supporting this prediction is the divergence on TDI (Traders Dynamic Index) which is a technical indicator that helps to identify trend strength and potential trend reversal.
Additionally, the pair had a stop hunt taken on Monday, away from the psychological Support and Resistance level which is another indication of bullish sentiment. A stop hunt is a technique used by market makers to push prices away from key levels in order to trigger stop-loss orders and create liquidity. The fact that the stop hunt was taken away from the psychological level, indicates that the buyers are in control and that the pair is likely to continue moving higher.
Furthermore, the stop hunt area was tested again in the Asian session today which confirms the strength of the support at this level, and increases the probability of a rally. My short term target is 1.22500, and my medium term target is 1.23000.
Additionally, the pair had a stop hunt taken on Monday, away from the psychological Support and Resistance level which is another indication of bullish sentiment. A stop hunt is a technique used by market makers to push prices away from key levels in order to trigger stop-loss orders and create liquidity. The fact that the stop hunt was taken away from the psychological level, indicates that the buyers are in control and that the pair is likely to continue moving higher.
Furthermore, the stop hunt area was tested again in the Asian session today which confirms the strength of the support at this level, and increases the probability of a rally. My short term target is 1.22500, and my medium term target is 1.23000.
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.