Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.5349)
- Resistance Levels: 1.5550, 1.5738, 1.5920
- Support Levels: 1.5270, 1.5195, 1.4978
- Trade Strategy: Long British Pound @1.5371 targeting 1.5550
The GBP/USD is moving higher as we have taken out the resistance at the top of the falling channel. This channel goes back to September. Please see the below MT 4 chart.
Should the Pound close above the technical resistance at 1.5738, then we would see a challenge of the resistance level found at 1.5740. Should the GBP/USD reverse course, we see support at 1.5270. This is the top of the falling channel, mentioned above. A break below this level targets the key technical support at 1.5195.
I have a long trade in play now. Entered at 1.5371 with an initial target at 1.5550. There is a stop loss a 1.5195, and will activate on a daily close below that levels. My initial goal is to see profit on half of this trade. Once this occurs, I will move the stop loss to break even with an order placed at 1.5372.
