We just opened a buy forex signal in GBP/USD if you haven´t noticed. There´s not much to chew fundamentally, since it is a short term signal, so we based it on the technical analysis and at the moment everything looks good.
This forex pair has been in an uptrend over the last few months, so we´re in the right direction. This is one of the main technical indicators and we´re heading in the same direction.
This morning, this forex pair made a retracement/pullback lower, but the 100 SMA on the H1 forex chart held the price well. In fact, the price is reversing right now.
The 100 SMA (green) did a good job
The 50 SMA (yellow) on top which might turn into resistance, although our take profit target for this forex signal comes just below there, so the technical picture is totally in favour of our signal.
EUR/USD just made a jump, which is pulling GBP/USD up as well. We just made it above the 50 SMA, so we have reached our take profit and gained pips.
That didn´t take long, but the lesson from this forex trade is useful, pick the trend, pick a few technical indicators and when the opportunity arises pull the trigger. Enjoy the pips.
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