GBPUSD has been in an area of consolidation for the past week testing a line of resistance with one brief breakthrough however it failed to get support upon resting. I think that this week we will see a bullish breakout through this line of resistance at 1.2521. If we see a retest showing support at this zone then I think a strong push up past last week’s high is likely. Unless the support line on 1.2405 is broken then I think we will continue to see a bullish trend, the two recent daily candles took support from this key level leading me to believe a bullish breakout will occur.
I will be monitoring the price action closely around this key level to see if there are confirmations of my idea before entering.
If you like this idea or find it helpful please give it a like and feel free to share your own ideas below.
I will be monitoring the price action closely around this key level to see if there are confirmations of my idea before entering.
If you like this idea or find it helpful please give it a like and feel free to share your own ideas below.