Hello traders,
Here’s a clean breakout setup I’m watching closely on GBP/USD.
Market Structure:
Price recently broke out of a consolidation zone and has now formed a higher high, indicating bullish momentum.
We saw a breakout above the descending trendline, which had previously acted as resistance.
Price action is currently hovering around the 1.3430–1.3440 zone, a key intraday area to watch.
Key Zones:
Support Levels: 1.34317, 1.34044, and 1.33773
First target: 1.35125 – potential resistance
Second target: 1.35562
Final target: 1.36097
Outlook:
As long as price holds above 1.3400, I expect continuation to the upside.
Any pullbacks into the 1.3400–1.3430 area could present buying opportunities.
Break and close above 1.3512 would likely trigger the move toward higher resistance zones.
Scenarios:
1. Bullish continuation: Price retests support → bounces → breaks 1.3512 → heads toward 1.3556/1.3609
2. Pullback: Price dips to 1.3377–1.3400 → finds support → resumes upward trend
This setup remains valid while the price trades above the key support zone. Always manage risk accordingly
Here’s a clean breakout setup I’m watching closely on GBP/USD.
Market Structure:
Price recently broke out of a consolidation zone and has now formed a higher high, indicating bullish momentum.
We saw a breakout above the descending trendline, which had previously acted as resistance.
Price action is currently hovering around the 1.3430–1.3440 zone, a key intraday area to watch.
Key Zones:
Support Levels: 1.34317, 1.34044, and 1.33773
First target: 1.35125 – potential resistance
Second target: 1.35562
Final target: 1.36097
Outlook:
As long as price holds above 1.3400, I expect continuation to the upside.
Any pullbacks into the 1.3400–1.3430 area could present buying opportunities.
Break and close above 1.3512 would likely trigger the move toward higher resistance zones.
Scenarios:
1. Bullish continuation: Price retests support → bounces → breaks 1.3512 → heads toward 1.3556/1.3609
2. Pullback: Price dips to 1.3377–1.3400 → finds support → resumes upward trend
This setup remains valid while the price trades above the key support zone. Always manage risk accordingly
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.