Overview- GBP/USD is in a continuous uptrend since the beginning
of this month. However, price has been rejected at the 1.4050 level today. So,
there's a possibility of a pullback.
Analysis - Looking at the current price movement on the hourly chart,
it is quite possible that GBP/USD will pullback to the 1.3920 level. The bids have started
drying up. Hence, it is likely that the institutional buyers will step in once a pullback
has happened. the 100-hour moving average at 1.3920 level could be a good area to buy
if price dips to that level.
Probable trade set-up - Based on the above analysis, short-term traders
can sell above 1.4030 with TP at 1.3930 and SL at 1.4065. Please note that selling is
not recommended unless your risk appetite is high. Buyers, on the other hand, can wait
for a dip to 1.3930 level before buying.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
of this month. However, price has been rejected at the 1.4050 level today. So,
there's a possibility of a pullback.
Analysis - Looking at the current price movement on the hourly chart,
it is quite possible that GBP/USD will pullback to the 1.3920 level. The bids have started
drying up. Hence, it is likely that the institutional buyers will step in once a pullback
has happened. the 100-hour moving average at 1.3920 level could be a good area to buy
if price dips to that level.
Probable trade set-up - Based on the above analysis, short-term traders
can sell above 1.4030 with TP at 1.3930 and SL at 1.4065. Please note that selling is
not recommended unless your risk appetite is high. Buyers, on the other hand, can wait
for a dip to 1.3930 level before buying.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.