According to our previous publication, we are glad to share with you the outcome of GBP/USD.
First bull target is reached and straight away followed by taking profit reaction from bulls. Many traders on this occasion choose to place sell order as an opinion respecting resistance level at 1.3800, which is difficult to achieve. This resistance is used only for taking profit set up for bulls who took long positions above 1.3721. At the moment we could face 2 possible scenarios.
Scenario 1: Pool back to previous support at 1.3721 may trigger bulls to take over price once again targeting the same target at 1.3800,
Scenario 2: break above 1.3800 will open another area for bulls to drive the price up to the next resistance level at 1.3886.
For both scenarios, traders are looking for a set of conformations to be able to step in and place their trades.