Daily Price Action

GBPUSD Longs Favored Above 1.3050


For the last week, GBPUSD has been testing a key support area.

I first discussed the idea of a bullish pound on January 15th. The outlook was contingent on the reaction to the Brexit vote.

Buyers held their ground and are now up more than 400 pips since the January 15th low.

GBPUSD bulls also took out descending channel resistance on the 25th of last month. I pointed out this new support area last Sunday.

The support zone turned out to be a bit lower at 1.3050 rather than 1.3100. But regardless, the bullish outlook is still intact.

Since January 28th, GBPUSD has been consolidating. That isn’t surprising given the 800 pip run-up over the last four weeks.

From here, I’ll be watching for bullish price action above 1.3050.

If we get a bullish pin bar or engulfing pattern, there’s a good chance we’ll see GBPUSD continue higher toward the 1.3260 resistance area.

A daily close above 1.3260 would open the door to the next resistance at 1.3450.

Want access to the same “New York close” Forex charts I use? Click Here.

On the flip side, a daily close below former channel resistance (new support) near 1.3050 would negate the bullish outlook.

As long as buyers are in control, my target will remain the 1.3450 region.

FREE WEBINAR: The Ultimate Forex Swing Trading Webinar

Click Here to Register

GBPUSD key support area

Leave a Comment:

Oludare says

My forex mentor you are always on point

Priscilla says

Thanks a lot.

Iroga nyangi says

How it is possible for you to predict the coming market moves?

Adeniyi says

Thank you for reminding us, The pair is on the watch list..

A Sharma says

what is expected from EurUsd in next few days

dangnghia.aie@gmali.com says

cam 0n ban nhieu

fawaz bamakrait says

if i am asked to say any comments ,i would say you are an amazing my friend ,every day i learn valuable topics ,i just love to be a forex trader just because of you made it so simple.

Patrick Mohlamme says

Since i follow your analysis im becoming a better student soon ill be like you master, you are the best in what you are doing..

Lief says

If I ask how long should I wait to put buy the pair

Michael says

I’ve been following your forex setups and seems like your are a forex guru.I realy love your daily price action tips coz they turned out exactly as you pointed out. I’m learning a lot from your.
Thanks many.

Add Your Reply