GBPUSD - Trade Idea - 16th July 2017

GBPUSD more development needed, but possible long entry in the coming days/week.

Monthly Timeframe displays an incredibly bearish trend, recent price push could be forming a lower high or a reversal of this downtrend we've been seeing.

Weekly Price Action has broken out of 1.300 recent resistance/support and closed above the 20 & 50 EMA's.

We could finally be seeing this descending trendline penetrated for the beginning of a bullish trend.

The next level of resistance is the 1.400 so there's not much in the way of blockage between here, but will need to see a pullback.

Moving closer into the Daily Timeframe, price has clearly broken the 1.300 level after a beautiful 50% retracement to value (All EMA's) for a huge move up, giving it the momentum it needed to break this level.

Daily candle closed extremely bullish on Friday with lack of selling off from the weekend.

Bullish momemtum could continue and see a proper breakout of this descending trendline.

Will be watching for price to break out and pullback to value to retest the trendline, which should align with the 50% Fib Zone and the 1.300 Level.

Obviously no trade just yet, but a good setup should be developing here!