GBPUSD: At the Bottom of the Bullish Channel

GBPUSD: is currently trading at the edge of the support channel between 1.284-1.291. The pair has been trading in a bullish channel structure since mid March when the pair traded as low as 1.210. Since then the pair has gained more than 6.7%. Interestingly, the pair has managed to gain further despite rumors that Brexit negotiation is not going “not too well” for UK so far. Nevertheless, the market seems to remain bullish on the GBP. After all, do not forget that just last year the pound was trading as high as 1.500, depreciated by 19% since June 2016;Thus, the gap created by Brexit is still huge.

Strategy:

Plan A: Buy at 1.285-1.290, Target Price 1.320/1.335, Stop loss 1.280

4-Hour Chart

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