GBP/USD: trade the epic breakthrough

GBP/USD: trade the epic breakthrough

2021-01-21 • Updated

GBP/USD is gradually making a big breakthrough both on a strategic and tactical level.

In the long term, 1.37 is the gateway to the highs of 2017. Therefore, the pair is now in the four-year resistance zone. 1.43 is the long-term target for bulls. It may take a few months – or weeks – for GBP/USD to get there. Therefore, if you like position trading – that’s definitely your chance. However, be prepared to see corrections on the way: 1.34 may be a possible checkpoint for a bearish reversal in the long run

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In the midterm, you will see that most the currency pair performance is contained with the channel marked in the below H4 chart. You will note that GBP/USD frequently deviates from the channel and breaks through the border of the channel. So far, going above 1.37 doesn’t cross the upper side, but still – don’t be surprised if it goes down to 1.36 before making another upswing and continuing the mid-term uptrend.

Primary scenario: the price bounces downwards, dips below 1.37, possibly drops to 1.36, reverses upwards again

Secondary scenario: the price goes significantly above 1.37, corrects downwards to touch 1.37 or dip slightly below it, gets back to the upside.

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