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
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.
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!