Gbp/Usd supported by SMA cross
The Gbp/Usd hourly chart is a resemblance to the daily chart
but offers some short-term perspective for a long trade above 1.5540
On the daily chart the downtrend has stopped around 1.46, and we are going up again
On the daily chart the 100 SMA is about to cross above the 200 SMA - a golden bullish sign
Here, on this hourly chart we see a uptrend forming, too
And the 50 SMA is about to cross above the 100 SMA - which could act as a support here,
maybe in combination with the rising trendline and 50% Fibonacci hourly retracement level
The 200 SMA and resistance above will need to be broken but have been tested already today,
this retracement should be a opportunity for longs to build and brake that resistance
I am targeting 1.59 - previous daily highs - with a SL below 61.8% Fibonacci retracement at 1.5490
Entry is now at 1.5560,
but offers some short-term perspective for a long trade above 1.5540
On the daily chart the downtrend has stopped around 1.46, and we are going up again
On the daily chart the 100 SMA is about to cross above the 200 SMA - a golden bullish sign
Here, on this hourly chart we see a uptrend forming, too
And the 50 SMA is about to cross above the 100 SMA - which could act as a support here,
maybe in combination with the rising trendline and 50% Fibonacci hourly retracement level
The 200 SMA and resistance above will need to be broken but have been tested already today,
this retracement should be a opportunity for longs to build and brake that resistance
I am targeting 1.59 - previous daily highs - with a SL below 61.8% Fibonacci retracement at 1.5490
Entry is now at 1.5560,
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