Facts:
The price broke above key resistance at 1.3212
GBPSUD invalidated 1:1 structure
The price sits above the 100-period moving average from D1 interval
Recommendation:
Trade: Long position on GBPUSD at market price
Target: 1.3513, 1.3640
Stop: 1.3180
Opinion: GBPUSD has been trading in a downward trend recently. Looking at the D1 interval, one can see that the recent downward move might have ended already. The price of this pair invalidated local 1:1 structure and broke above the key resistance at 1.3212. In addition the price sits above the 100-period moving average.Taking this into account, continuation of the upward move looks to be the base case scenario for now. We recommend going long GBPUSD at market price with two targets: 1.3513 and 1.3640.
