StraightForex

GBPUSD: In a clear bullish market condition

Written by Raul Lopez on . Posted in Trades & Analysis

The GBPUSD was rejected from the most important long term support level at 1.6156, this creates a bullish market condition. Please take a look at the next chart:

GBPUSD

GBPUSD

Remember the market condition is different from the market trend. In this chart for example, the general trend is a “range” 1.6654 – 1.6156, but the market condition is bullish because it has been rejected from the main support level. The market condition tells us the direction for the next hours/days.

My Trading Plan:

Look for long trading opportunities, all take profit levels will be placed below the next resistance level at 1.6654.

All short opportunities will be ignored.

Trade Safe

Raul Lopez

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Tags: GBPUSD Analysis, majors, pound analysis

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Raul Lopez

I've been trading the markets for more than 14 years. All my trades are based on price action. Check out my Forex Trading Room. I can help you trade with better results.

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This is why my strategy will always work.

This is why my strategy will always work.

Most strategies and systems work for certain conditions, but once the market changes, loses start to come along.

Using the same strategy for every condition expecting the market to adapt to our system is a big mistake.

Adapt to the market conditions, and everything will change.

Try to understand what the market is doing, only then you’ll know what the market is likely to do!

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