GBP/USD has been bearish since mid April until it hit a crucial support zone around 1.20000 where price reversed hit the daily down trend and broke the TL. Price then rocketed to the upside where it hit an area of resistance which it failed to break and therefore reversed. I strongly believe price will retest and hit the TL again but this time it will act as support instead of resistance as this tends to happen when a TL is broken. Price will then move bullish once it hits the TL and I expect it to reach around 1.32000.
This is a long idea and will take a couple months to execute with a SL of 130 pips and a TP of around 700 pips.
This is a long idea and will take a couple months to execute with a SL of 130 pips and a TP of around 700 pips.