GBPUSD offers good buying opportunity

  • by Ihab Maximous
  • June 11, 2019, 17:0 AM
  • 101 Views
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The GBPUSD pair has been fallen sharply since March 10, based on the weekly charts, where the pair was at $1.3400 and today it is currently trading around $1.2700. Despite this strong decline, a buy order is better than a sell one.

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As seen from the previous chart, the candles are still moving above the upside trend line on the weekly timeframe. Although the trend line is inclined and not ideal to depend on in our analysis, it should be taken into consideration, especially after the formation of an engulfing candlestick last week. The RSI is also moving higher than the bullish trend line, thereby increasing the likelihood of seeing a rally.

We expect the GBPUSD pair to rise in the coming days targeting at least $1.2900, as a first target, and it may extend its rise towards $1.3200 as a second target. 

Ihab Maximous

A stock market expert and technical analyst based on Elliott waves. He is the first to receive a certified Elliott wave Analyst certificate from Elliot Wave International website, a member of the American Association of Capital Market Experts. He is a member of the Egyptian Association of Analytical Analysts.

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