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
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
Tags: GBPUSD Analysis, majors, pound analysis
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Raul Lopez
I've been trading the forex market for more than 11 years. All my trades are based on price action. Check out my Forex Coaching
program, I can help you develop a system that helps you trade consistently.