Happy Friday, dear traders. If you’re seeking technical analysis and trading signals for the GBPUSD pair, you’ve come to the right place. We have prepared a GBPUSD technical analysis and trading signal. Let’s delve into the analysis without wasting any time.
Today’s GBPUSD Technical Analysis & Trading Signal by Guriforex:
⚡️ On the H4 chart, GBPUSD has formed an ascending channel in a long-term bullish trend and is testing a crucial resistance area. Despite the bullish market sentiment, a correction to the lower trend line is possible before further growth.
Two Possible Scenarios:
🔼 Scenario 1: BUY
- BUY if: Price pushes above 1.2800
- Target Profit (TP): 1.2870 (161.8 Fibonacci)
- Stop Loss (SL): Below 1.2800
🔽 Scenario 2: SELL
- SELL if: Price bounces off the resistance
- Target Profit (TP): 1.2740 (trendline)
- Stop Loss (SL): Above 1.2800
Please provide your thoughts and insight in the comments below regarding this analysis.