Hello everyone! I hope you are having a great week! I am taking a look at the GBPUSD on the daily timeframe today.
It is currently in what appears to be a triple bottom. If price breaks above the D1 resistance, then we should see a Trend Reversal.
If price breaks below the D1 support, then we may see a continuation of price.
Here are my thoughts:
Long entry if we see a break to the upside of 1.274998
Short entry if we see a break to the downside of 1.202057
So, where will price go once we see a break?
Upon a break of the two levels provided, we may see the following price movement:
Long – 1.292420, 1.325024
Short – 1.185172, 1.169728
Now remember, this is the daily chart we are looking at. What does this mean?
Each candle is one day in duration
The chart above shows all the way back to October 2015
This would be a long term trade
Cheers to success and see you all in the room!