GBP/USD: levels to trade

GBP/USD: levels to trade

2019-11-15 • Updated

Trade ideas

BUY 1.2930; TP 1.2970; SL 1.2915

SELL 1.2840; TP 1.2770; SL 1.2860

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance in the 1.2920 area (resistance line connecting October and November highs). A break above this level is needed to make the uptrend resume and allow the price to retest the 1.2970/1.30 zone. Only a close above 1.30 will allow the pound to head towards 1.3170 (50% Fibo of the 2018-2019 decline).   

If the resistance is too hard an obstacle for bulls to break, the pullback below the MAs on the H4 at 1.2848 will open the way down for a decline to 1.2770 (November low). Notice that the 50-week MA is at 1.2730 - this makes it strong support. 

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