GBPUSD Long or Short? – D1 Price Action – Market Commentary

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.

gbpusd market commentary 3-24-2017

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!

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