GBP/USD Forex Signal: Strong Resistance at 1.3400

Mohammed Shalaby

With the GBP/USD pair attempting to break through the 1.3400 point repeatedly and failing to do so, we may find a lot of stop losses at this point.

 

After reviewing the GBP/USD Forex signal from 26th November, we found that the buy or sell orders were not activated.

Short Trade Ideas

The best short trade ideas today are from the following levels: 1.3441, 1.3350 and 1.3530.

  • Place the stop loss in the short strategy specifically at the 1.3540 level.

  • Collect profits on an average of 30 to 50 pips from each level.

  • Stop loss is moved to the entry point when making 20 pips in profit.

Long Trade Ideas

The best long strategy today is from the following levels: 1.3184 and 1.3260.

  • Place the stop loss at the 1.3174 level.

  • Collect profits on an average of 30 to 50 pips from each level.

  • Stop loss is moved to the entry point when making 20 pips in profit.

Money Management Strategy

Use 1% to 2% of your portfolio value in each trade and distribute this percentage on the stop loss points.

GBP/USD Technical Analysis

The GBP/USD is still holding on to very strong resistance at 1.3400, after failing to break through despite previous attempts during the past week. The GBP/USD pair breached the lower ascending triangle boundary, breaking the uptrend. Today, it will retest the broken trend.

The 1.3400 level should be closely watched today.

The best intraday long target is 1.3260, 1.3184.

Also, the best intraday selling levels are considered at 1.3500, 1.3530.

GBP/USD Fundamental Analysis

There is no important economic data due today for the GBP. For the USD, the Pending Home Sales Report is expected.

GBP/USD

Mohammed Shalaby
Mohammed Shalaby is an experienced Forex trader and has been involved in the Forex, stocks and options markets since 2008.

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