Today on GBPUSD – Daily and H4 charts support Long trades.

On the Daily chart above, price recently broke the most recent swing high @ 1.6379 (which we’ve highlighted using the lower blue broken line) upward. This signals the possibility of further price movement upward. A major resistance level – the GBPUSD pair year high – is @ 1.6744 (which we’ve highlighted using the upper blue broken line). This, however, is hundreds of pips away, so, it’s not in any way an imminent barrier for a Long trade from a day-trade perspective – barring any sudden price surge.

On the H4 chart above, from a day-trade perspective, we are in a nice up-trend: price is forming higher highs and higher lows. Price has broken the most recent swing high @ 1.6343 (which we’ve highlighted using the upper blue broken line) upward, and re-testing it. This is another good sign supporting a Long trade.

However, we still need our hourly charts – using Fibonacci retracement levels and important support levels – to seek promising areas to take our Long positions. Price pattern on the hourly must also be forming higher highs and higher lows. Please note that our aim is to buy a dip in today’s up-trend.

Also, PATIENCE is the key here: we need to patiently wait for the hourly retracement. It might happen, and it might not.