GBPUSD: In a clear bullish market condition

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” 1.66541.6156, 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 Coaching program, I can help you trade with better results.