Dear traders,

Last trading analysis was on GBPUSD.

Price was close to a reversal point and although I still believe the long-term is positive, price did reverse back.

There was no clear signal from the 4H chart to go long and I did not manage to build a position but that was great, since price did not rise much before turning down.

GBPUSD Trading Analysis

Today, I am looking at GBPUSD again.

The same trend.

And also the same pair…

On the daily chart, there is a bullish engulfing pattern and it coincides with a minor support level.

I will be curious what the open will look like.

In case I see a small retracement towards 1.2940 and a candlestick pattern confirming this level, I might open a long trade.

If this scenario plays out and I am in a long trade, I will be looking at the 1.3150 and then 1.3400 as potential targets.

If price breaks above 1.3400, the next strong level is the psychological level at 1.4000.

For me at this point is important to get into a trade as early as possible and stay in it for as long as possible.

Happy Sunday,

Colibri Trader

p.s.

Did you check out my recent article on Trading Breakouts?

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