Looking to go LONG on GBPUSD. In recent times, we have seen the dollar weaken. Looking at the DXY, I see some room for further drop. It is approaching a key level of support at around the 101.5 price when looking at the weekly and monthly chart. This week there is a high impact news for GP releasing their CPI numbers, but it is my sentiment that the market has already priced that in. With this being said, looking at GU, we have seen a nice run-up looking at the weekly and monthly chart.
Preferred Entry: 1.2200
Potential TPs: 1.2450 (3.5R) This is based on psychological number and the 4H previous resistance.
Runner TP: 1.3145
SL: 1.2120 (80 pip SL. This would be right by the 50 EMA. IF you want to give yourself more room, I suggest 1.2050 which would be at the 200 EMA)
Preferred Entry: 1.2200
Potential TPs: 1.2450 (3.5R) This is based on psychological number and the 4H previous resistance.
Runner TP: 1.3145
SL: 1.2120 (80 pip SL. This would be right by the 50 EMA. IF you want to give yourself more room, I suggest 1.2050 which would be at the 200 EMA)