GBPUSD: Supply Zone Needs To Clear For CABLE To Rise Higher
GBPUSD Currently is at a very crucial level trading near 1.26600. This level represents such significance on the weekly & monthly chart, that if broken properly it could see this pair rise higher and the probability of targeting upcoming resistance would highly likely increase.
Current 1.26600 level represents an important supply zone that is still intact. In order to confirm that this zone gets broken properly, the monthly candle should also close above it. After this has happened, a long trade could be executed to target the upcoming supply zone located at 1.30600. The minimum risk to reward ratio should be 1:1 ideally and stop loss placed below swing low.
Note: This is just an analysis/view and not a trade signal. Once if the criteria is met, trade details would be posted in a separate post. Lets see what happens. Cheers
Current 1.26600 level represents an important supply zone that is still intact. In order to confirm that this zone gets broken properly, the monthly candle should also close above it. After this has happened, a long trade could be executed to target the upcoming supply zone located at 1.30600. The minimum risk to reward ratio should be 1:1 ideally and stop loss placed below swing low.
Note: This is just an analysis/view and not a trade signal. Once if the criteria is met, trade details would be posted in a separate post. Lets see what happens. Cheers
