GBP/USD Forex Analysis and Forex Signal - SlickTrade Academy - Nadex and Forex

The GBP/USD took a leap to the upside last Friday. It broke through previous major resistance and has left a possible entry for a reversal to the upside.

If we take a look at the W1 timeframe, we see that price had not reached the previous low we experienced recently since November 2016. Price broke out of the demand zone and is experiencing some resistance at the W1 Res C level.

What Others Are Predicting

Price has broken through key resistance level along with the descending trendline after creating a double bottom at the bottom. Trend has now shifted bullish , will be watching price to test key resistance level as new support for a further push to the upside as momentum to the upside remains very strong.

GBPUSD is at a confluence of horizontal resistance levels and a multi-month trendline .

TREND ANALYSIS – Wait for pullback and enter long

My Thoughts!

We will more than likely see a pullback to the downside after this jump in price following Friday. Short term intraday traders will more than likely ener a short at this time. If that is your style of trading, then look for price to reach around the 1.25235 level.

Wait for a pullback to the 1.25235 level, then enter long position. Target levels are: 1.27648 – 1.29498

We will personally be looking to enter after the pullback for a long entry with target levels of W1 Resistance 1.27648 – 1.29498.

Cheers to another successful week!