GBP/USD: The second target reached 1.3886

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GBP/USD: The second target reached 1.3886

 

According to our previous publication from 26/07/2021 on GBP/USD and the update we made, the price has reached the second target at level 1.3886, which was recommended in our analyses GBP/USD – Update under Scenario2.

Looking at the market condition at the moment, from our way of view, it is time to step out from GBP/USD position and leave this currency pair to rest and make pool back towards the previous support level at 1.3841. This level plays an important role at this time having many things that support this level in one spot. MA55 together with previous resistance (newly found support) and Fib 38.2 retracement are spot in one place all at 1.3841 level, which makes this level strong support.

Bullish traders are looking for a set of conformations to be able to step in and place their trades.

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