GBP/USD reaches first resistance, time for a pullback
Hello traders, in all my past 4 GBP/USD idea, I recommended buying the
dips in GBP/USD. Price was at sub 1.21 levels. If you followed those idea, you
would have certainly made 250-300 pips profit.
Now, as expected, GBP/USD has reached the 100-day exponential moving average
level around 1.24. I expect the price to pullback here. Even in the hourly chart,
GBP/USD is very over-stretched.
So, if the 1.24 level holds, selling GBP/USD@1.2380-1.24 with SL above 1.2450
and TP at 1.2340 would be a potential sell idea.
dips in GBP/USD. Price was at sub 1.21 levels. If you followed those idea, you
would have certainly made 250-300 pips profit.
Now, as expected, GBP/USD has reached the 100-day exponential moving average
level around 1.24. I expect the price to pullback here. Even in the hourly chart,
GBP/USD is very over-stretched.
So, if the 1.24 level holds, selling GBP/USD@1.2380-1.24 with SL above 1.2450
and TP at 1.2340 would be a potential sell idea.
Trade active
Sold@1.2420.Note
Trade in 82 Pips profitNote
100 Pips profit hit, I belive there will be more drop, but I am booking partial profit nowNote
Trade hits 170 Pips profit now
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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.