GBPUSD Futures: Shall the Bulls unlock the password?

Todays’s UK PMI data – 54 announced vs. Market Expectation 52.9 – gave the Sterling a boost in the short term.

However, the major problem to be solved is still Brexit.

When we look technically

Critical support for the party, which has maintained 1.46 targeted SHS support in the long run despite the sharp fall, is at 1.31 level.

If Cable that completed the Bullish Cypher on the daily charts succeeds to hold above 1.32000 the bearish trend may slow down – even the trend may change in favour of the Bulls –

Also in the H1 Chart Timeframe, ascending trendline gives positive signals.

SHS will start to work as soon as GBPUSD makes a few H1 closings above 1.34000.

So Our GBPUSD Trade Idea.

TRADE : LONG

ENTRY: 1.34000 ( 2 H1 Candlestick closing above 1.34000 )

STOP: 1.33000

TARGETS: 1.34300 1.34700 1.35200

ULTIMATE TARGET: 1.35550

UPDATE: 06.06.2018

TP1 REACHED 30 PIPS TRADE IS OPEN

UPDATE: 06-07-2018

TP2 REACHED 70 PIPS TRADE IS CLOSED. WE UPDATE THE IDEA, PLEASE READ THE LATEST GBPUSD TRADE IDEA.

DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

COPY OUR TRADES

GBPUSD : Forex Trading involves risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility