We can see that GBPUSD initially pulled back during the last trading week but later rallied significantly and reached above 1.3540 before again pulling back down below 1.3500 level. We saw a few weeks ago that the uptrend line provided support for the pair and it has been rallying ever since, even though it looks choppy on the lower time frames.
Trading Preference
We need to watch how far the market reacts to Trump’s victory on passing the Tax-bill. That could probably bring pull back into this pair. However, those pull backs on the short-term are buying opportunities. This could be a buy-on-the-dips market for the coming week.
