Already holding a long on this but for another entry opportunity you can long from this support providing it holds. EMA's are close to crossing, if price rebounds from this level and EMA's stay long then this should be a safe entry. MACD remains very bullish despite retrace. Setting a short term target of 1.40 then can wait for retrace and re-enter a long with a...
Seeing a retrace to support after the breakout which is to be expected. Anyone who entered longs on my last post for this pair should still be good to stay in their positions. Looking for it to retrace to the highs of the previous resistance around 0.618 Fibonacci would offer the best entry.
Target remains 1.4000
SL can be just below 0.786 Fib
This has broken the previous high. If you are not already long on this then wait for a pullback to test the previous resistance which will now act as support. A long can be entered here with a target of 1.40
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...
After doing some more studying of this pair I can see that price is heading towards its weekly resistance level where it was rejected from previously
If we take notice of the 50MA price has bounced off it several times which indicates a strong bullish move to resistance
I also see bullish divergence on the daily which indicates price is in an uptrend
I will wait...
As we can see price took a massive nosedive in the past and has tested the highlighted resistance level several times before dropping below it.
I can see there is a setup coming to go long and get a fair few pips!.. Once price breaks out of resistance I think its safe to go LONG and hold the position until it shoots back up to its old highs.
Looking to BUY GBPUSD in BUY AREA, targeting TP AREAS. (30+ PIPS)
1. Enter on signs of reversal, price action
2. Do not enter if price breaks through buy area with strong bearish momentum
Looking to target price area 1.282 (110 PIPS) if bullish momentum strong
My specialist indicator was giving a 3 star BUY trade this morning. We have a clear break of resistance (green trend line) as the price pushes through on an ascending triangle to higher ground.
First obvious target is WR1 resistance at 1.2580.
Looks a good thing this with Dollar Index under 100 and a fair bit of GBP strength about.