GBPUSD - Momentum continues to the upside
GBPUSD - Weekly Outlook
Dip buying in front of 1.2470 (stop at 1.2350)
Consecutive positive days have been noted after price action found support at the previous resistance level (1.2380) and the Ichimoku cloud. Momentum remains strong and further upside is expected. The 61.8% Fibonacci retracement level is at 1.2720. As we are trading at overbought extremes, a lower correction is possible and this would provide a good risk/reward opportunity to trade with the bullish trend. The bias is still for higher levels and we look for any dips to be limited.
Our profit target is 1.2720 & 1.2900
Resistance: 1.2720 / 1.2905 / 1.3000
Support: 1.2470 / 1.2300 / 1.2040
Dip buying in front of 1.2470 (stop at 1.2350)
Consecutive positive days have been noted after price action found support at the previous resistance level (1.2380) and the Ichimoku cloud. Momentum remains strong and further upside is expected. The 61.8% Fibonacci retracement level is at 1.2720. As we are trading at overbought extremes, a lower correction is possible and this would provide a good risk/reward opportunity to trade with the bullish trend. The bias is still for higher levels and we look for any dips to be limited.
Our profit target is 1.2720 & 1.2900
Resistance: 1.2720 / 1.2905 / 1.3000
Support: 1.2470 / 1.2300 / 1.2040
Trade closed: target reached
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