GBPUSD Trade Idea

GBPUSD has break above 1.3800 since last week but it was unable to close above 1.3990. Price is trading at 1.3903 before market closed on Friday. Daily low on Friday was 1.3890+-.

Recent resistant 1.3990+-, while for recent support 1.3800+-.

Price may either bounce off from this support ie 1.3900 to test again 1.3990 before it continues its bearish move (indicated as scenario 1) or,

Look for sell opportunity at 1.3750 till previous low ie 1.3600+-.

BOE MPC on coming Thursday while market anticipating rate remains unchanged of which may triggered some bullish movement during news released before it projects lower.

Market sentiment has been moving from net long to net short since beginning of July21.

Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority