Bullish Setup On GBPUSD
FХ Strategist & Financial Commentator
During yesterday’s session anyway, cable has tried a first bounce setting a daily hammer candle with a closure around 1.2220 area.
Looking at the RSI, we can detect a bullish signal and as we can see on the daily chart, this indicator was absolutely reliable during the last 6 months. The Average True Range is continually declining as we have seen during the last 6 weeks and it’s currently working around its typical levels.
The bullish setup would be activated in case of a breakout of yesterday’s tops at 1.2250, with a stop loss to be place at 1.2100 below the bottom of April, while the target price could be predicted around 1.2400 area, nearby the last weeks’ tops area.
As always I recommend to trade carefully and to plan at best every move. Don’t forget to subscribe to NBHM YouTube Channel to stay up to date with the financial markets! Have a good trading and see you for the next video.