On the daily GBPUSD chart below, we can see that the price has reached the top of the range at 1.2444. This is a significant level for both buyers and sellers. The buyers will want to see a clear break above the level to get the conviction and step in to target new higher highs.
The sellers, on the other hand, are likely to pile in here with defined risk above the level and target the bottom of the range at 1.1839. From a risk management perspective, the sellers have clearly a better setup technically speaking.
GBPUSD h1 price is in an uptrend. However, now traders need to wait for another deep correction of this pair to have the best buying opportunity. Recommended to wait to buy around 1.2430, SL: 1.2380, TP: 1.2550
The sellers, on the other hand, are likely to pile in here with defined risk above the level and target the bottom of the range at 1.1839. From a risk management perspective, the sellers have clearly a better setup technically speaking.
GBPUSD h1 price is in an uptrend. However, now traders need to wait for another deep correction of this pair to have the best buying opportunity. Recommended to wait to buy around 1.2430, SL: 1.2380, TP: 1.2550
