GBP/USD Forex Signal: British Pound Finds Support on Friday – 14 October 2024
Potential Signal:
-- I’d be a buyer of this pair on a daily close above the 50 Day EMA.
-- At that point, I would put my stop loss at the 1.2990 level, and would be aiming for a move to the 1.3320 level.
-- During my analysis of the GBP/USD exchange pair, the first thing I notice is that the 1.30 level continues to be very important.
-- This is a large, round, psychologically significant figure that a lot of people will be watching as it has been important multiple times.
-- In fact, it is an area where you would expect to see “market memory”, as it has been supported and has also been resistance multiple times in the past. All things being equal, this is a market that I think continues to see a lot of volatility, but it does look like it is setting up for a potential rally.
Just above, we have the 50 Day EMA, which of course is an indicator that a lot of people pay close attention to. If we can break above that on a daily close, I think at that point you probably have a real shot at the British pound rallied significantly and trying to get back to the highs. Recently, we have seen a certain amount of US dollar strength, mainly based on the idea that the
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Ultimately, the
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Original Source DailyForex.com provides daily fundamental and technical analysis and signals for those looking to trade based on trends in the currency markets.
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