GBPUSD: BUY DIPS but don't rule out 1.25 yet
Hello Traders: My previous ideas on GBPUSD didn't work well as price broke all support levels and kept heading lower.
However, at the end of the previous week, we got some nice BULLISH REVERSAL CANDLESTICK FORMATIONS(denoted by the yellow ellipse).
If this reversal holds, we can see GU continue towards 1.2850 and 1.3020.
However, plenty of uncertainties in British Politics will likely lead to a lot of volatility. So, keep an eye on the 1.25 level.
In any case, I will continue to BUY THE DIPS and advise traders to BUY GBPUSD with small lots at 1.2500-1.2630 with SL below 1.2400.
TPs can be set at 1.2850, 1.3020 and 1.3150 respectively.
However, at the end of the previous week, we got some nice BULLISH REVERSAL CANDLESTICK FORMATIONS(denoted by the yellow ellipse).
If this reversal holds, we can see GU continue towards 1.2850 and 1.3020.
However, plenty of uncertainties in British Politics will likely lead to a lot of volatility. So, keep an eye on the 1.25 level.
In any case, I will continue to BUY THE DIPS and advise traders to BUY GBPUSD with small lots at 1.2500-1.2630 with SL below 1.2400.
TPs can be set at 1.2850, 1.3020 and 1.3150 respectively.