GBP/USD Forecast: Long

Here is what to expect on GBP/USD

RECAP:

In our previous analysis GBP/USD was trading at 1.39100
We expected the pair to go back to 1.40 after the formation of a bullish harmonic pattern
But a strong bullish DXY limited GBP's bull run
The pair triggered our Buy Stop at 1.39800 & almost hit our TP at 1.40, which we then closed at 1.39900
Today the pair triggered our sell stop and hit our TP
In total we banked 600 pips on the pair.

WHAT TO EXPECT:

Long term GBP/USD is still bullish
Short term the pair might still be bearish
The pair has to break above resistance at 1.40 to confirm upward trend
If the pair breaks below current support @ 1.38600 we expect it to test support at 1.37800
Keep an eye on DXY & US10Y

OUR POSITIONS:

Currently @: 1.38700
Buy Stop @: 1.39
Buy Stop TP @: 1.39200
Sell Stop @: 1.38400
Sell Stop TP @: 1.38200

Link to previous analysis below

Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.