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Market Analysis

GBPUSD has broke major resistance, time to go long

June 01, 2018
BY Emma Richards

GBPUSD has broken major resistance and is lining up perfectly for a strong rally.

Buy above 1.3923. Stop loss at 1.3864. Take profit at 1.4068.

Reason for the trading strategy (technically):

Price has broken major descending resistance-turned-support line and looks poised to rally from here. We look to buy above major support at 1.3923 (Fibonacci retracement, horizontal overlap support, bullish Ichimoku cloud) for a push up to at least 1.4068 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (55) has made a similar bullish exit signalling that we’re really seeing a shift in momentum.

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About the analyst
Desmond Leong provides technical analysis to the largest banks, hedge funds, and brokers whilst coaching hundreds of aspiring traders. He specializes in providing actionable and accurate analysis that utilizes the most advanced theories.

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