GBPUSD experienced the bottoming after two years of the downtrend and is now bouncing from the lowest levels with the solid uptrend being built up and is marked with the monthly uptrend line. Looking at the monthly chart we can see that the downside resistance previously broken was 1.4000 level. This is now the target level for this bounce from the low 1.2000 level. That is the target you need to set if you go long the pair.
Looking closer at the monthly chart we can see that the strong support is 1.3200 level. This level is the key for the eventual downside reversal in case the bullish continuation fail.
On the weekly chart, the bounce from an uptrend line reveals the exact stop loss level which is below the 1.3190 level and the take profit level is just at the mentioned long-term downside resistance now turned support 1.3800-1.4000 zone.
With this bounce now the pair is much closer to a bottoming pattern and you should look only for the long trades for now. Buy the dips and target higher.
Trading strategy using Andrews Pitchfork tool for Forex, commodities, CFD’s and cryptocurrencies buy it on Amazon!
If you want to attend our unique technical analysis course please send us an email to [email protected]. This is only on invitation course and it will last for two weeks of intensive training for the price of 199$ on a discount from 400$ for the first 20 traders! We will rank you based on the time we receive the email and we will invite first 20 traders only after the finished test.
We cover all Majors, Crosses, Indices, and Commodities. Join us and you will get access to Trade alerts with exact SL and TP levels, real-time on email, Viber, Twitter private feed, NY session analysis of all major asset classes, Live trading sessions every day moderated by our expert analyst @Aleksfx, Video analysis, Intraday market levels, Live chat support, Educational webinars. You can also read other articles on our Blog and check Chart of The Day
