GBPUSD is bouncing off the strong support confluence
GBPUSD is bouncing off the confluence of a previously broken resistance now upside support 1.31600. A bounce off this level is giving us a higher probability of long trade entries. A break below 1.3150 is now required for the downside reversal. The overall medium-term and a bounce of this support could lead to a continuation upside. Use this consolidation to build a long position and target 1.3600.
Note – We are inclined to short trade entries with the stop loss below 1.3200.
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