The GBPUSD has maintained a fluctuating pattern within the range of 1.25800 and 1.27700 for over a month. Today, it has surpassed the upper boundary of this range. The question arises: will this upward momentum persist, or are we witnessing a false breakout? If you're engaging in trading, my cautious suggestion (to be taken with a grain of caution) is to wait for the price to retreat towards the 1.27700 level and demonstrate a clear upward trend before considering buying the GBPUSD. For those currently in a trade, it's advisable to set the stop loss at 1.27300, well within the range the price is attempting to break out of. Looking ahead, for the next month, I only foresee buying opportunities for GBPUSD, particularly for long-term traders.
Note
Today, the GBPUSD experienced its lengthiest bullish surge since February 1st, surpassing its previous range of 1.25800 to 1.27700. This notable development suggests a high likelihood of the currency pair transitioning out of this established range and venturing into a new zone spanning from 1.27700 to 1.30000. Notably, this zone encompasses a width of 300 pips. For those interested in mastering trading strategies, feel free to connect with me on Twitter for insights and guidance. twitter.com/norwesfx
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.