GBPUSD: Keep 1.2535 on Your Radar

·    April 24, 2024

·      April 24, 2024

·    April 24, 2024

GBPUSD secured a significant bullish reclaim on Tuesday, but buyers face a massive test this week.

Today’s video has all the details, including key levels and targets for GBPUSD.

Plus, I share the latest on the US Dollar Index (DXY).

Let’s get started!

GBPUSD reclaimed 1.2375 on Tuesday, hinting at a move higher to test the 1.2500 handle that failed on April 12th.

That isn’t to say the pair is a decent long opportunity, as the risk-to-reward at current levels is less than ideal.

Plus, the DXY remains within a potential intraday bull flag.

We also know that the DXY November 1st gap remains open at 106.88.

Whether we see that gap close in the coming days is yet to be seen.

As for GBPUSD, current trading conditions aren’t ideal with the pair trading in the middle of a 1230-pip range between 1.2375 support and 1.2500 resistance.

If we do see GBPUSD retest 1.2535 while the DXY tests 105.00 support, it could make for an attractive short opportunity.

However, a sustained break above 1.2500 and 1.2535 on the daily time frame would suggest a failed breakout, which would be bullish for the pound.

Of course, we’d have to see the DXY 105.00 support level fail on the higher time frames to signal a bullish move from GBPUSD.

For now, it’s unclear, but my focus remains on GBPUSD 1.2535 resistance.

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