Forex Trading Library

GBPUSD – Buying dips as prices correct higher

By Steve O'Hare Last updated Oct 30, 2021

Weekly: Moving higher in a corrective formation. A double bottom looks to be forming, although this requires a break of 1.3258 for confirmation. More solid resistance comes in at the 1.3650-1.3720 area.

Daily: Prices have reversed sharply over then last 5 days and moving higher in a corrective formation. Trend line resistance comes in at 1.3200 and momentum would need to remain strong to overcome this hurdle. Our preference is to enter longs on a pull-back towards 1.3000 to target the Fibonacci retracement levels.

We look to Buy at 1.3000

Stop: 1.2850

Target: 1.3315 and 1.3515

UPDATE: Triggered buy at 1.3000 (08:57 09/11/18)

Stopped at 1.2850

Steve O'Hare

Steve has traded and analysed financial markets for over 30 years.
He started on the Baltic Exchange with Cargill Investor Services in 1987 trading Commodities. Following this Steve went on to work in a number of senior trading roles on LIFFE.
From 1995, Steve then traded his own account, specializing in European Fixed Income markets. For many years he ran his own proprietary trading company, facilitating and educating traders.
In 2012 he joined PIA-First and assisted in restructuring the company and help build it into one of the UK’s leading, award-winning independent research houses.

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