GBPUSD moving higher

12月10日

Trend: LSMA moving lower since 9/30/24

Momentum: Bearish but closing toward Neutral

Japanese Candles: Bullish One White Soldier - Could become a Morning Star reversal

Chart Pattern: None

Support and Resistance: 1.2650 is Support, 1.3100 is Target

Fundamentals: U.S. CPI and PPI this week.

Trade: Open Long 12/2/24 @ 1.2637

Stop: 0.1.2500 Target: 1.3100 Risk:Reward is 1:3.37

The close two weeks ago back above 1.2650 is evidence the break below was a head fake.

Still, risk here until a Morning Star pattern reversal is completed with a close above 1.2800, near the midpoint of the last bearish candle in the selloff.

We may need 1.2825 to scare the bears to close.

This will drive bears to close their position and will rally the pair.

This pair is often volatile so that any move could happen quickly.

With momentum, the first target is 1.3100.

There is a slew of US data this week. Anything holding the USD back is bullish for GBP.