In our previous analysis GBP/USD was trading at 1.39100 We expected a reversal but the rejected our expectation and continued its bullish momentum. GBP/USD has reached new year highs of 1.40500. Our Buy Stop was triggered at 1.39300 and closed at 1.40, banking 1400 pips on the pair despite not meeting our expected reversal from our previous analysis.
WHAT TO EXPECT:
Long term GBP/USD is Bullish But short term we expect the pair to test 50% retracement Fib at 1.39500 The pair has approached the edge of its ascending channel so we expect a retracement despite the pair being bullish No bearish harmonic patterns have been formed yet on the pair. DXY bears seem to be limited at 90.2
OUR POSITIONS:
Currently @: 1.40260 Sell Stop @: 1.40 Sell Stop TP 1 @: 1.39800 Sell Stop TP 2 @: 1.39600 No Buy Stop orders have been placed
Link to our previous analysis below
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