Attached is the daily and weekly chart of GBPUSD. As can be seen from the daily chart, it closed above the resistance at 1.4893. Despite closing above resistance, this is not a guarantee that the price will go up easily. There is stiff resistance at 1.4950 and also at around 1.5000 where there are previous highs and also cos 1.5 is a huge psychological resistance.
It can be seen that price has tried to close above 1.5 several times earlier but it has found it to be difficult which shows that there is a lot of selling that needs to be overcome.
On the weekly chart, we can see that there is strong support at 1.4650..In fact, for the past several weeks, price has not gone much below 1.45 and price has basically been ranging between 1.45 and 1.5. The upcoming week could see some more ranging or if price does indeed manage to breakout on either side, it could be a huge breakout considering the fact that price has been ranging for so long.
What all this says is that, as and when price nears 1.46, it could be a good place to go long but would the price come near 1.46 ? That is anybody's guess. In the upcoming week, we could try to trade the range as long as it exists and if and when breakout happens, just jump in and enjoy the big ride.
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