GBPUSD: BUY OR SELL
GBPUSD had a bullish run on 03/01/2024 (mmddyyyy). It may continue to rise through out the month
Trade active
opened a position at 1.26650, sl: 1.25700, tp: 1.28400Note
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.
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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.