GBP/USD - Upside move

Likely scenario: Move to the upside after a break above 1.2933 with targets to the weekly level or 1.3031

Trade Comments: Looking at this pair we can see price bounce off 1.2788 which was last weeks lowest price and also created a hammer candle pattern. On the daily time frame now we can see a clear downtrend and the price broke out to the upside.

Now on the 4 hr shows a break and a retest so looking for a break beyond 1.2933 to the weekly key level or to the projected target witch is 1.3031.

Daniel PerkinsComment