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GBPUSD Opportunity!
The pair is approaching a long term resistance at the 1.252 level.
Uptrend looks strong, so I would expect it to break this level. If it does, we can expect significant upside, until it encounters more resistance. This is likely to occur at the 0.5 Fibonacci level, so we have a favourable R:R.
I will be looking for buying opportunities once an H1 candle closes above the resistance area.
However, we can see decreasing volume towards the top of the uptrend - this could signal a possible reversal once it reaches resistance.
Let me know what you think!
Uptrend looks strong, so I would expect it to break this level. If it does, we can expect significant upside, until it encounters more resistance. This is likely to occur at the 0.5 Fibonacci level, so we have a favourable R:R.
I will be looking for buying opportunities once an H1 candle closes above the resistance area.
However, we can see decreasing volume towards the top of the uptrend - this could signal a possible reversal once it reaches resistance.
Let me know what you think!
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