GBPUSD Remains The One To Trade To 1.2400

Thurs 30th March 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• GBPUSD
• EURAUD (Covered in Video)
• CADJPY (Covered in Video)

Today we’re looking at Trading Setups in: GBPUSD, EURAUD & CADJPY (Covered in Video)

Cable (GBPUSD) remains the one currency pair to watch as price looks to head to the range highs of 1.2400.

We covered this pair a couple of days ago as the momentum looks to drive prices higher.

In the previous video we discussed the potential for the price to find support at 1.2200 or 1.2300.

The market did find support at 1.2300 and the price traded higher. 

However, currently the price is rejecting the previously formed highs at 1.2360.

This could offer us an opportunity to buy the market if the price can retest the minor demand zone at 1.2300.

If buyers look to be entering at this position we could take advantage of the momentum. 

Technical Observations

• The GBP is S2 and USD is W2 on the day traders table.
• Price is heading towards the weekly range highs at 1.2400.
• Minor highs are being rejected at 1.2360.
• If the price retraced back to the supporting lows of 1.2300 handle buyers could enter.
• We will be looking for reversal signals at this level.