British Pound / U.S. DollarUpdated GBPUSD Trade Idea
In yesterday's analysis, I discussed about the potential violation of 1.37 key daily resistance zone as I noticed the buyers' strength. Despite the upwards breakout of 1.37 resistance, price found 1.3740 as a barrier. Currently remain neutral bias, due to the current over-extended condition, there are three setups that I am looking at
1. Re-test of 1.37 key support zone followed by further bullish continuation, with 1.3740 (yesterday's high) & 1.38 as targets
2. Deeper pullback due to the weak upwards breakout compared to the wide range it has formed over the past month, possibly towards 1.3670 zone before further continuation to upside
3. Immediate rotation back into the range showing signs of probe (fakeout), finding 1.3620 zone as the support
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Re-test of 1.37 key support zone followed by further bullish continuation, with 1.3740 (yesterday's high) & 1.38 as targets
2. Deeper pullback due to the weak upwards breakout compared to the wide range it has formed over the past month, possibly towards 1.3670 zone before further continuation to upside
3. Immediate rotation back into the range showing signs of probe (fakeout), finding 1.3620 zone as the support
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
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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.