GBP/USD Daily chart analysis, is a reversal brewing for GBPUSD?
Hello traders, let us take a look at the daily chart in GBP/USD.
First of all, I would like to draw your attention towards the highlighted elliptical
zone in the chart. If you look at the price action, you will see that there are signs
of reversal in this zone. The last daily candle indicates bulls are back in the game
Secondly, the horizontal support level has remained unbroken so far which indicates
there is ample buying interest in the 1.2540-1.26 zone.
A combination of these two factors gives us a bullish bias in GBP/USD. In my idea published
on 3 April, I already recommended to buy at the 1.2540 level. So, my plans remain
the same, I would continue to buy the dips in GBP/USD as long as the support zone
remains unbroken.
First of all, I would like to draw your attention towards the highlighted elliptical
zone in the chart. If you look at the price action, you will see that there are signs
of reversal in this zone. The last daily candle indicates bulls are back in the game
Secondly, the horizontal support level has remained unbroken so far which indicates
there is ample buying interest in the 1.2540-1.26 zone.
A combination of these two factors gives us a bullish bias in GBP/USD. In my idea published
on 3 April, I already recommended to buy at the 1.2540 level. So, my plans remain
the same, I would continue to buy the dips in GBP/USD as long as the support zone
remains unbroken.