GBP/USD forecast: Long

9 thg 2, 2021

Here is an update on GBP/USD

RECAP:

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.

Our previous Sell Stop is still active

Sell Stop @: 1.37100
Sell Stop TP @: 1.36800

Note: ALWAYS BANK PROFITS