BluetonaFX - GBPUSD Potential 1.30000 Retest Opportunity
Hi Traders!
There is potential for a retest of the psychological 1.30000 level on the GBPUSD.
We can see here on the 1D chart that the market has been extremely bullish since the long-term resistance break of the 1.28486 level. We have had a price rejection at the 1.31424 level, and the market has now broken below the 1.31000 handle, which provides opportunities for possible shorts back to 1.30000.
If we get a pullback to 1.30000 and the level does not hold, there is another target at 1.28486; this is the level that the market broke out from, leading to the push towards 1.31424.
Keep stops tight here; if the market continues to the upside instead and 1.31424 breaks, the market is likely to continue towards 1.32000, and we will look for buying opportunities instead.
Please do not forget to like, comment, and follow, as your support helps us greatly.
Thank you for your support.
BluetonaFX
There is potential for a retest of the psychological 1.30000 level on the GBPUSD.
We can see here on the 1D chart that the market has been extremely bullish since the long-term resistance break of the 1.28486 level. We have had a price rejection at the 1.31424 level, and the market has now broken below the 1.31000 handle, which provides opportunities for possible shorts back to 1.30000.
If we get a pullback to 1.30000 and the level does not hold, there is another target at 1.28486; this is the level that the market broke out from, leading to the push towards 1.31424.
Keep stops tight here; if the market continues to the upside instead and 1.31424 breaks, the market is likely to continue towards 1.32000, and we will look for buying opportunities instead.
Please do not forget to like, comment, and follow, as your support helps us greatly.
Thank you for your support.
BluetonaFX
Comment:
Second Target 1.28486 hit.
Market is now trading around a long-term support area. We now need to wait and see if there is a rebound from this support area, of if the market continues and breaks below this area.
Second Target 1.28486 hit.
Market is now trading around a long-term support area. We now need to wait and see if there is a rebound from this support area, of if the market continues and breaks below this area.
First Target 1.30000 hit.
Market is now trading below the 1.30000 level second target at 1.28486.