Trend warriors gather!
GBP/USD may have been rejected from a psychological level but seems to be heading towards a major support area!
Is the pair preparing for more gains this week?
GBP/USD in 4-hour forex Planned by TV
I don’t know if you noticed it, but the GBP/USD has returned to make higher highs and higher lows since the beginning of the month when it rebounded from the 1.2300 interest area.
The pair is now trading near 1.2800, which is the highest level the pair has not seen since May last year.
What makes Cable’s setup interesting today is that it is heading towards 1.2650 – 1.2700 area close to S1 (1.2650) of today’s pivot points.
As you can see, the level is also not far from the 38.2% Fibonacci retracement of the June uptrend as well as the resistance area in late May.
Are we looking forward to the trend continuing to form?
Buying from 1.2650 – 1.2700 (or even at current levels) would set you up for a good entry in case GBP/USD does not break its June bullish trend.
Sterling may head to June highs near 1.2810 or reach the 1.2900-1.3000 area from last year.
what do you think? Does the GBP/USD have enough buyers to extend its bullish trend?
