The price on the GBP/USD is strongly bullish. The rounded bottom at highs is a sign of bullish domination.
If the price manages to stay above 1.2930, traders should watch 15min timeframe for possible entries to the long side. We can clearly see bullish domination at highs and above 1.2930, targets are 1.3054 and eventually 1.3233(!). Of course, such high target needs huge volatility and GBP/USD is currently lacking it as the ATR(5) is 71 pips. So it could take a while, but its important that it stays above 1.2930. A drop below 1.2890 could form a deeper retracement towards 1.2770 and if the price drops below, the bullish trend will be done and the price might turn lower.
At this point it’s all about buying the dip which I have been constantly trading and warning about 😊
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX