GBP/USD trading setups

#GBPUSD #Forex #FXCM #Daily #Tommy
- Here is GBP/USD daily chart. Currently it has consistently tried to break the massive resistance area which I have drawn it with the red box (Around 1.3200).
_ Furthermore, it is also being resisted by the downward mid-term trendlines(red and blue). With the deathcross shown on the MACD and that the RSI has just escaped the overbought zone, I am personally placing higher chance for the ‘one more correction before breaking the trendlines above’ scenario.
- Later when it finally confirms to break that area above, more bullish momentum is expected. On the other hand, if it fails to break it above and at the same time shows some bearish signals, decent correction phase is much to be expected.
- Here are some short-term resistances that I am monitoring before a new swing high; 1.33140,1.33800, and 1.34550~1.34990 (valid until 9/20).
- I have constructed two trading setups for long position below. Since they are swing setups please be aware of your trading style, position portion, and leverages etc. Reflect these factors on your setups so they can be covered by your account size.

1st Setup (Valid until 9/20)
EP: 1.27900
SL: 1.27100 (800 pips)
TP: 1.29300 (1400 pips)
Risk Reward Ratio: 1.73

2nd Setup (Valid until 9/30)
EP: 1.26300
SL: 1.25600 (700 pips)
TP: 1.27500 (1200 pips)
Risk Reward Ratio: 1.71