GBPUSD breakout above 1.2850 might give bulls some power

30.11.2018 / 11:40

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GBPUSD forex technical analysis | Our expectations:

Three higher bottoms signal trend fatigue, and a breakout above 1.2850 might lead to an upward impulse, with SL being at 1.2650.

Fibonacci 61.8 of the upward movement 07.10.2016 - 17.04.2018 remains in force and this supports the likelihood of long positions.

As we shared a few days ago, "smart money" and mathematics provide a good opportunity to look for long positions while awaiting the vote on the Brexit agreement in the UK parliament.

The bullish engulfing bar, two days ago, also allows for a risky entry from the current levels, but the more conservative option for a trader here remains only after the price exceeds 1.2850.

Alternative Scenario: Breaking the price below the diagonal support will give bears more power and price might head to the south.

Trader Nikolay Georgiev

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GBPUSD breakout above 1.2850 might give bulls some power

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