Attached is the 1H chart of GBPUSD. GU has broken through the highs of last week and seems poised for more upside. It should face tough resistance at 1.4980 and +- 30 pips around this as it is around the huge psychological resistance of 1.50.
We need a clean break and close above 1.5050 for any more upside on this. If this resistance does break, then we should be seeing 1.5170 and then a clear move to 1.53.
On the downside, we should see good support at 1.4940 and then good support at 1.4893 which is also a daily support and hence should be quite strong. Then a small support at 1.4832 and then a strong support 1.4771.
I would favor longs for today
hey karthik your guide is very useful. i read it everyday
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