GBP/USD Signal Today 19/03: Bullish Above $1.2950 (Chart)

(MENAFN- Daily Forex) The area of support below the current price starting at $1.2950 remains pivotal, with the price recently trading bullishly at a new multi-month high and looking likely to continue rising.

My previous GBP/USD signal on 13th March produced a losing long trade from 2948's GBP/USD Signals

Risk 0.75%.

Trades may only be entered before 5pm London time today Trade Ideas

• Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.2957, $1.2951, or $1.2895.
• Put the stop loss 1 pip below the local swing low.
• Adjust the stop loss to break even once the trade is 25 pips in profit.
• Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.

Short Trade Ideas

• Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.3019 or $1.3060.
• Put the stop loss 1 pip above the local swing high.
• Adjust the stop loss to break even once the trade is 25 pips in profit.
• Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.

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The best method to identify a classic“price action reversal” is for an hourly candle to close, such as a pin bar , a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

EURUSD Chart by TradingViewGBP/USD Analysis

I wrote in my previous GBP/USD forecast on Thursday last week that the technical picture was bullish as long as the price remained above the support level at $1.2948. This was a good call at least insofar as the level was pivotal and once it broke down, the price continued to produce a bearish chop until this new week, when it began advancing decisively.

Interestingly, the area around $1.2950 again looks pivotal, with a zone of support sitting just above this half number and acting to hold up the price.

We see short-term bearish momentum pushing the price into this area of support, but I think the supportive area will hold, at least until the FOMC meeting later which might produce volatility which disrespects technical levels.

So, I think the best opportunity today would be a long scalp trade from a bullish bounce from the area between $1.2957 and $1.2950.

There is nothing of high importance due today regarding the GBP. Concerning the USD, there will be a Federal Reserve Meeting at 6pm London time.

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