Trade of the day: GBPUSD
After strong selloff on the GBP/USD following the release of better-than- expected growth data from the US last week, the Cable is currently seen recovering from this massive dip on Monday morning. Technically from the shorter-term 15-minute chart price has hit a former support zone at the 1.3150 – 1.317410 area (highlighted in pink).
15-minute (m15) GBP/USD Chart
Bulls are advised to cautiously wait for price to break above this region and look to take profit at the 1.32750 zone (highlighted in yellow). Stop loss can be placed at 1.31250 and the 1.3100 zones for aggressive and conservative bulls respectively.
Alternatively , resistance at the former-support zone can most likely indicated continuation of the bearish momentum.
Always trade responsibly and remember to use a stop loss.