GBP/USD: a short-term uptrend

GBP/USD: a short-term uptrend

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.

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How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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