GBP/USD: Long from key support levels

14.05.2018 / 08:58

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GBP/USD: Our expectations: Rising trend, correction to horizontal and diagonal support. Possibility for long positions with SL 1.3349

Alternative scenario: If the price cannot maintain positions above the support, we could seek for short positions after a test of the short breakaway, confirmed with a price action signal.

Commentary: Rising trend. Correction to horizontal and diagonal supports. This level coincides with 200 SMA. The correction, measured from the high on 17.04.2018 until today gives us a Fibo level of 38.2%. The price made a few attempts to break this level - with no result. A pin bar is formed on diagonal and horizontal supports, 200 SMA and Fibo - bullish signal. DeMarker reverts from over-sold zones - signal that the correction is over. For a more precise entry, we wait for the price to rise above 1.3583.

SL: 1.3349

Trader Aleksandar Kumanov

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GBP/USD: Long from key support levels

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