Trade of the day: GBPUSD

GBPUSDH1 Chart

This pair has retraced most of its bullish move from the swing high at 1.36620 zone down to 1.30260 where price has been supported and consequently have being bullish afterwards.

Price has broken above the resistance level of the downward trend line and would further consolidates the ongoing bullish mommentum if price breaks above the 50% FIB level of the fibonnaci retracement drawn from the August 2017 swing low to Sept. 2017 swing high (See chart above).

Trading bias would be going long with stop order placed at the 1.3100 zone or the 131550 zone for a more aggressive style. Profit taking can occur at the 1.3400 zone or more conservatively at the 1.36620 zone.
Fig. H1 GBPUSD Chart

Alternatively, if price breaks below the 1.31671 level, stop order can be placed at 1.32500 zone whilst looking to take profit at the most recent major swing low at the 1.30400 level

Always trade responsibly and remember to use a stop loss. 

Leave a Reply

Your email address will not be published. Required fields are marked *