GBPUSD tests support turned resistance zone, expect more upside

13 Sep 2015

I made a post about the 1.52~ demand zone a while ago with a strong chance of holding and guess what…it held up! Unfortunately, I ended up trading the EURGBP pair instead of this and so I admit my trade was not fully optimized. Currently at this point, we are testing a potential support turned resistance zone. If we were to look across all USD pairs, the U.S. Dollar is currently on the bearish side. Therefore, I do no really expect this resistance zone to hold up. In fact, it would be a good idea to enter a long entry with a typical stop loss position and price target under the next supply zone at the 1.5790~ level.