LONG TERM ANALYSIS - GBPUSD
Updated
Hi All,
Been away from the charts for a while, but back with with an analysis on GBPUSD. As you can see from the chart my bias is pretty bullish on this pair. We're currently within a bullish channel, where price has broken an ascending wedge and printed a new higher low at the channel resistance (1.28 region), which is where I entered long on this pair using a setup on a lower time frame. Following that, we have now just broken above the psychological level of resistance at 1.3 and closed fairly convincingly on the daily giving the pair free reign to the upside. For upside targets I'm hoping to see this pair hit the recent highs around 1.32700 and then given that the -27 fib extension at 1.34500. Not really short on this pair unless it melts through the channel and even if it does I shall be prepared :)
Hope this analysis proved useful to anyone reading, feedback is always appreciated..
Been away from the charts for a while, but back with with an analysis on GBPUSD. As you can see from the chart my bias is pretty bullish on this pair. We're currently within a bullish channel, where price has broken an ascending wedge and printed a new higher low at the channel resistance (1.28 region), which is where I entered long on this pair using a setup on a lower time frame. Following that, we have now just broken above the psychological level of resistance at 1.3 and closed fairly convincingly on the daily giving the pair free reign to the upside. For upside targets I'm hoping to see this pair hit the recent highs around 1.32700 and then given that the -27 fib extension at 1.34500. Not really short on this pair unless it melts through the channel and even if it does I shall be prepared :)
Hope this analysis proved useful to anyone reading, feedback is always appreciated..
Trade active
Forgot to mention the resistance at 1.30300 which has given this pair trouble in the past. A break and re-test of this will give us confirmation of longs and potentially another entry point..
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