GBP/USD: a short-term uptrend
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SELL 1.3120; TP1 1.3100; TP2 1.3050; SL 1.3130
SELL 1.32; TP 1.31; SL 1.3220
GBP/USD continued its recovery yesterday. The pair rose to the 50-week MA at 1.3150. It’s quite natural to assume that this line will act as resistance. The next obstacle on the upside lies at 1.32 (100-week MA, January highs).
On H4, the pair formed a doji with a long upper wick — a negative sign. There’s also a negative divergence with Awesome Oscillator. All in all, there’s a significant probability that the pound will correct down. Notice though that the proposed trades are counter-trend, so make sure that you manage the risks properly. The levels around 1.3050 might become attractive for buying.
