GBP/USD bounces off key level, uptrend to continue?
GBP/USD was in pullback phase for the last few days. However, it seems that phase is now over.
GBP/USD has bounced off the dynamic support as well as the ascending trend line that I have
indicated in my chart. The confluence of these two key levels is important as it indicates that
price can continue to move upwards over the next few days.
So, I do not recommend traders to sell GBPUSD at the current level. Sellers should wait for at
least 1.2520 before selling and that too only if bearish price action and rejection candles are formed
at the 1.2520 level.
GBP/USD has bounced off the dynamic support as well as the ascending trend line that I have
indicated in my chart. The confluence of these two key levels is important as it indicates that
price can continue to move upwards over the next few days.
So, I do not recommend traders to sell GBPUSD at the current level. Sellers should wait for at
least 1.2520 before selling and that too only if bearish price action and rejection candles are formed
at the 1.2520 level.
