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GBP/USD: Long move is in force, long after short correction

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GBP/USD:

Data: 7 September, 2016

H4 Graph: Long term short, Short term long

The price started going up after found support at horizontal support at 1,307 and then it broke resistance at 1,3270. Now the price is breaking the next horizontal resistance at 1,3370 and after retest and small correction we can still look for longs for up to  1,3540. The price has formed visible bullish channel.

GBPUSDSFH4

Alternative scenario: If the price breaks below the horizontal support at 1.337 and below 1.331 will cancel the bullish call.

Technical Indicator:

DEM (14) - In the overbought zone

Price for Entry Long around: 1,337

SL: 1.33100

Jr. Trader - S. Fuchedzhiev


 Varchev Traders

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