On a Weekly time frame, the market is in accumulation phase where it is has been in sideways with 1.2770 as the resistance level and 1.2110 as the support level.
On a Daily time frame, the market shows sign of buying pressure and is about to break above SMA200. RSI is above 50 while MACD has printed above 0 level and its signal line is printed inside the histogram, this suggests a bullish momentum.
Scenario A. A break above 1.2770 is a higher probability for buying opportunity
Scenario B. If the price rally towards 1.2760 and shows sign of bearishness then we probably see a continuation of sideways movement.
Scenario C. If the price dips towards 1.2397, a change momentum has started and it will be a good to short the market.
Another option is to find other GBP pairs (EURGBP, GBPJPY, GBPAUD and GBPNZD) as both GBP and USD are strong currencies since last week.
SL @ 1.2412
Buy stop @ 1.2620
TP1 @ 1.2770
TP2 @ 1.2875
Alternative trade
SL @ 1.2412
Sell stop @ 1.2397
TP1 @ 1.2130
On a Daily time frame, the market shows sign of buying pressure and is about to break above SMA200. RSI is above 50 while MACD has printed above 0 level and its signal line is printed inside the histogram, this suggests a bullish momentum.
Scenario A. A break above 1.2770 is a higher probability for buying opportunity
Scenario B. If the price rally towards 1.2760 and shows sign of bearishness then we probably see a continuation of sideways movement.
Scenario C. If the price dips towards 1.2397, a change momentum has started and it will be a good to short the market.
Another option is to find other GBP pairs (EURGBP, GBPJPY, GBPAUD and GBPNZD) as both GBP and USD are strong currencies since last week.
SL @ 1.2412
Buy stop @ 1.2620
TP1 @ 1.2770
TP2 @ 1.2875
Alternative trade
SL @ 1.2412
Sell stop @ 1.2397
TP1 @ 1.2130