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olly48

GBP/USD Correction Offers Another Long Opportunity

Long
British Pound / U.S. Dollar (FOREXCOM:GBPUSD)  
olly48  
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Technical Indicators Trend Analysis Chart Patterns GBPUSD gbpusdlong gbpusdsignal gbpusdtrade gbpusdidea gbpusdanalysis gbpusdbuy gbpusdsetup GBP
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indicator trendanalysis chartpattern gbpusd gbpusdlong gbpusdsignal gbpusdtrade gbpusdidea gbpusdanalysis gbpusdbuy gbpusdsetup gbp
The GBP is correcting across most pairs, this offers the chance to add long positions or enter longs if not already in them. I marked out 1.37948 on this previously as a possible area of resistance and it has pulled back just short of here. I have marked out the lower trendline as the area to look to add long positions. I expect the downward move to slow down now so I do not think it will drop further than the previous low of 1.35200 (marked by orange dot), but we need to wait for confirmation before entering more longs.

My TP has not changed from the previous idea - 1.40
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