GBPUSD – approaching the target levels
Daily and weekly charts indicate a long-term bullish trend from the beginning of 2017, however, I believe we are approaching its target levels – approximately 1.4625. Our model predict the long-term reversal after pair reaches this very important resistance. What will cause this reversal – be it political or economic factors – remains to be seen.
On a daily charts (below), we clearly see GBPUSD achieved today the tactical reversal levels and in the mid-term I expect high probability of price decline below current levels (1.4180 at the moment). Yesterday’s daily doji daily is another technical sign I would consider.
On a short and mid-term (see below H4 charts) I am placing limit BUY orders at 1.4115 and 1.4000 both of which are very strong support levels with a great potential to play on price the bounce.
Below 1-hour chart is shows the resistance level structure in more details ( btw, these pictures perfectly demonstrate fractal perfectness of a price dynamics.)
Good luck with your trades !