GBP/USD approaching support area, possibility of a long entry?
Overview- GBP/USD is approaching a support area. Although price action is not
very supportive of the bulls right now, there could a chance for the buyers soon. Let us analyze
and see if GBP/USD could be entering a buy area soon.
Analysis - From the chart, you can see that price is still above the 100 day MA
which suggests that the uptrend is still intact from a long term perspective. There is significant
support in the 1.36-1.37 region. If today's candlestick is bullish, then in the coming days,
GBP/USD could be on it's way towards 1.40.
Probable trade set-up - Buying GBP/USD between 1.3600-1.3650 with SL below
the 100 day EMA is a good idea. TP can be placed at 1.40.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
very supportive of the bulls right now, there could a chance for the buyers soon. Let us analyze
and see if GBP/USD could be entering a buy area soon.
Analysis - From the chart, you can see that price is still above the 100 day MA
which suggests that the uptrend is still intact from a long term perspective. There is significant
support in the 1.36-1.37 region. If today's candlestick is bullish, then in the coming days,
GBP/USD could be on it's way towards 1.40.
Probable trade set-up - Buying GBP/USD between 1.3600-1.3650 with SL below
the 100 day EMA is a good idea. TP can be placed at 1.40.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
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.