Forex Analysis – GBPUSD – 21st July

Trend Direction: Bullish

Trend Reversal Level: 1.4940

Key Support Levels: 1.5200, 1.5270, 1.5150, 1.5050, 1.5000

Key Resistance Levels: 1.5300, 1.5470, 1.5630, 1.5960

Entry Strategy: Buying dips in an uptrend above our suggested trend reversal level.

Trade Suggestion: On this pair we have seen a pull back from its high from 1.5471 , which is also a resistance level. As this broke out of the weekly bearish channel, it is now currently testing that broken channel resistance and bouncing off those levels. As we suggested yesterday this level could be a key support to hold prices. Price did exactly that and bounced back.

We also suggested to go short if prices break below 1.5200 targeting 1.5150, price went to that level and found support and reversed and currently trading at 1.5300 level.

Our suggestion is to go long after the break of 1.5300 targeting 1.5400, 1.5470. If price breaks above 1.5470 it will then open doors targeting towards 1.5525 & 1.5725

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