GBPUSD is consolidating in the hourly chart for the last 5 to 6 days.
However, it seems like the consolidation phase is about to end very soon.
Since the trend has been up for the last two weeks, placing Buy trades when the price drops seem like a better choice.
I am looking at the confluence of 100H EMA + Lower TL Support as a possible buy entry.
Based on Bullish price action in the Lower TFs, I am looking to buy at 1.2340-1.2360 with SL below 1.2250.
TPs will be placed at 1.2450, 1.2600 and 1.2870 respectively for multiple trades opened.
However, it seems like the consolidation phase is about to end very soon.
Since the trend has been up for the last two weeks, placing Buy trades when the price drops seem like a better choice.
I am looking at the confluence of 100H EMA + Lower TL Support as a possible buy entry.
Based on Bullish price action in the Lower TFs, I am looking to buy at 1.2340-1.2360 with SL below 1.2250.
TPs will be placed at 1.2450, 1.2600 and 1.2870 respectively for multiple trades opened.