Well, this post comes as an addition to my previous post where I mentioned GBP/USD movement within Bollinger bands (daily chart). In fact I had gone long when it was near the bottom. Such position(s) could have raised some eyebrows but well, what I was looking for was the perfect movement the currency pair has been having.
Anyways, while I am still on long side for some more time, here is something what I wanted to share. There has been a perfect short-term trend line support emerging for this currency pair and it would be better to have a watch over it. Any strong break of this trend line may indicate a reversal from the current short-term upward correction or at least some deeper moves before some more upward correction takes place.
The chart here shows the trend line. Just another note before I end this note - I have been using the word "correction" for this upward move, well, because I take this just as a correction and will look forward to some more deeper moves sooner or later.
Happy trading and in case you wish to have some more look on my thoughts about this currency pair, you may check GBPUSD forecast on FA (ForexAbode).
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