Today, we have observed a significant breakout in the GBP/USD market. The currency pair has managed to move beyond the resistance level, as illustrated on the chart. The daily candle is about to close, solidifying this breakout.
Our focus now shifts to the descending trendline visible on the 3-month chart. This trendline represents the next critical target, with a potential meeting point around 1.30000.
For traders considering a long position, a potential entry point could materialise following a successful retest of the recently broken resistance level, which now serves as support (in the range of 1.24000 - 1.24500).
Trading Plan:
Watch for a successful retest of the 1.24000 - 1.24500 zone as support.
Enter a long position upon confirmation of support.
Set a stop loss below the support zone to minimise risk.
Target the 1.30000 level, where the descending trendline could intersect with the price.
Always trade with proper risk management and remember to carry out your own analysis before taking any positions. Stay tuned for more updates, and happy trading!
Our focus now shifts to the descending trendline visible on the 3-month chart. This trendline represents the next critical target, with a potential meeting point around 1.30000.
For traders considering a long position, a potential entry point could materialise following a successful retest of the recently broken resistance level, which now serves as support (in the range of 1.24000 - 1.24500).
Trading Plan:
Watch for a successful retest of the 1.24000 - 1.24500 zone as support.
Enter a long position upon confirmation of support.
Set a stop loss below the support zone to minimise risk.
Target the 1.30000 level, where the descending trendline could intersect with the price.
Always trade with proper risk management and remember to carry out your own analysis before taking any positions. Stay tuned for more updates, and happy trading!