I entered long at 1.32273 on April 15, and as of now, GBP/USD is trading around 1.3252, meaning I'm already up.
Why I'm Staying Long
Trend Confirmation:
The daily chart still shows a strong uptrend, and moving averages confirm that GBP/USD has been trading above key levels.
The RSI is at 62.76 on the daily timeframe, meaning bullish momentum is intact but not overly overbought.
Short-Term Signals:
On the hourly chart, some indicators suggest price may consolidate before continuing higher.
Stochastic RSI has cooled off, which often signals a chance for price to stabilize before another move up.
Aroon Oscillator (Hourly) at -78.57 shows fading bullish momentum in the short term, so I’m watching whether buyers step back in to push price higher.
Support & Resistance Levels:
1.3250 is a key level—if price holds above it, GBP/USD could continue toward 1.3280–1.3300.
If 1.3250 breaks, I’ll monitor 1.3220, which is close to my entry point, as the next potential support.
Fundamental Factors Affecting GBP/USD:
UK Inflation (2.6%) missed expectations, meaning GBP might not be as strong as before.
US Retail Sales beat expectations, reinforcing USD strength, which could put some pressure on GBP/USD.
Fed Chair Powell speaks later today, which could inject volatility—if he’s hawkish, USD may strengthen and push GBP/USD lower.
My Next Steps
I’ll continue holding as long as price remains above 1.3250.
If Powell’s speech creates sharp volatility, I might adjust my stop to secure profits.
My target is 1.3280–1.3300, but I’m prepared to reassess based on price action.
Overall, I’m feeling good about staying long, but I'm monitoring key levels closely to ensure I lock in gains while managing risk.
Why I'm Staying Long
Trend Confirmation:
The daily chart still shows a strong uptrend, and moving averages confirm that GBP/USD has been trading above key levels.
The RSI is at 62.76 on the daily timeframe, meaning bullish momentum is intact but not overly overbought.
Short-Term Signals:
On the hourly chart, some indicators suggest price may consolidate before continuing higher.
Stochastic RSI has cooled off, which often signals a chance for price to stabilize before another move up.
Aroon Oscillator (Hourly) at -78.57 shows fading bullish momentum in the short term, so I’m watching whether buyers step back in to push price higher.
Support & Resistance Levels:
1.3250 is a key level—if price holds above it, GBP/USD could continue toward 1.3280–1.3300.
If 1.3250 breaks, I’ll monitor 1.3220, which is close to my entry point, as the next potential support.
Fundamental Factors Affecting GBP/USD:
UK Inflation (2.6%) missed expectations, meaning GBP might not be as strong as before.
US Retail Sales beat expectations, reinforcing USD strength, which could put some pressure on GBP/USD.
Fed Chair Powell speaks later today, which could inject volatility—if he’s hawkish, USD may strengthen and push GBP/USD lower.
My Next Steps
I’ll continue holding as long as price remains above 1.3250.
If Powell’s speech creates sharp volatility, I might adjust my stop to secure profits.
My target is 1.3280–1.3300, but I’m prepared to reassess based on price action.
Overall, I’m feeling good about staying long, but I'm monitoring key levels closely to ensure I lock in gains while managing risk.
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.
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.