In our previous analysis we expected GBP/USD to be bearish but as DXY fell the pair continued to rise to 1.37400 range GBP/USD continued to rise and broke beyond previous resistance at 1.37600 triggering our Buy Stop at 1.37800 and hitting our buy stop TP at 1.38000, which we predicted would happen if resistance was broken. So another profitable trad taken on GBP/USD
WHAT TO EXPECT:
Currently GBP/USD is trading at 1.38100 We expect a retracement back to the 1.37800-1.37600 range before an upward continuation. GBP/USD is bullish Here are our new positions:
Buy Stop @: 1.38400 Buy Stop TP @: 1.38800
On the other hand if GBP/USD were to go back to previous resistance @ 1.37600 and trade below it we would expect it to go back to 1.37000, 1.36500 & 1.35600.
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