GBPUSD daily chart analysis, important levels to consider
GBPUSD reversed from the 1.3175 level. I wrote about the possibility of such a pullback in my previous GBPUSD ideas. However, at the point, it is important to figure out if this is a reversal or just a small correction.
1.2980 is a support level. So, only a break of this level will imply that the uptrend is broken. As long as price stays above the 1.2980 level, we must consider this recent move as a pullback only. However, if 1.2980 breaks, then there's a possibility of a bearish move to 1.25
That being said, I won't be looking to buy or sell immediately. I will be waiting to see the price action at these crucial levels before placing any trades.
1.2980 is a support level. So, only a break of this level will imply that the uptrend is broken. As long as price stays above the 1.2980 level, we must consider this recent move as a pullback only. However, if 1.2980 breaks, then there's a possibility of a bearish move to 1.25
That being said, I won't be looking to buy or sell immediately. I will be waiting to see the price action at these crucial levels before placing any trades.
