Hello traders! Welcome to today’s analysis of the GBP/USD pair. Let’s dive into the recent market movements, key levels to watch, and some potential trading setups.
On the 7th of August 2024, we saw GBPUSD trending towards the 1.27350, our machine learning model suggested that it would continue till 1.280, but unfortunately it stopped at 1.27350, then retested the 1.26782 level which suggests a further upwards movement. According to our model it showing the GBPUSD will rise towards 1.27573 level from the current level of 1.2700.
At the time of writing any trader that follows will be able take a trade and will capture a 1:1.6 reward.
Buy Setup:
Entry: 1.2700
TP: 1.27572
SL: 1.26665
Market is relatively safe to enter since there are no major news from UK or USA economies until the 13th of August, we might have to hold the trades through the weekend and will have to close the trade on the 12th August 2024 or the before 13.25 on 13th August 2024.
Happy trading, and may the pips be with you!
Remember, trading in forex involves significant risk, and it’s essential to do your own research and consider your risk tolerance before making any trades.
Article Written by L Ranepura
