As every Wednesday, I analyze the market and show you what I believe is one of the cleared opportunities to trade.
In my analysis, I look for two important factors:
- Clear support & resistance levels
- Clear market swings
Once I have information, I can understand what the market is doing, and when you understand what the market is doing, you can also tell what the market is likely to do in the following hours/ days.
And that’s my main goal, to show you what the market is likely to do so you can take advantage of it.
GBPUSD Bullish condition
One of the currency pairs that are trading in a very clear bullish condition is the GBPUSD. If you look at the daily chart you’ll see that it broke through an important resistance level.
What I like the most about the GBPUSD is that its next LT resistance level is around 1.7500. It is currently trading at 1.7113, so we’ve got plenty of room (and time) to look for our trade opportunity.
Now, I’m going to show you its short term chart:
So here is my trading plan:
You can take a long signal around the bottom of the range (where it is currently trading at) provided that we get upward pressure.
- The second possibility would be the breakout of the upper extreme of the range, my stop entry signal would be placed at 1.7188 + spread.
I’d feel comfortable taking both trades.
What do you think about the GBPUSD? Are you going to trade it? What other currency pairs are you monitoring?
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