GBPUSD – Buying dips as prices correct higher

Steve O'Hare Signal Centre

Technical

Weekly: Moving higher in a corrective formation. A double bottom looks to be forming, although this requires a break of 1.3258 for confirmation.More solid resistance comes in at the 1.3650-1.3720 area.

Daily: Prices have reversed sharply over then last 5 days and moving higher in a corrective formation. Trend line resistance comes in at 1.3200 and momentum would need to remain strong to overcome this hurdle. Our preference is to enter longs on a pull-back towards 1.3000 to target the Fibonacci retracement levels.

We look to Buy a1.3000

Stop: 1.2850

Target: 1.3315 and 1.3515

Article produced by Pia First for Orbex Limited
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Author

Steve O'Hare

Signal Centre

Steve has over 30 years of trading experience in Commodity, Equity and Fixed Income markets, in both research and trading.

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