The support level, is observed and identify by using several day data. as indicated in "red arrows". @1.7055
@1.7055 :: This level seem to have have it act as support and resistance from many time... and each time price touch this level. it could bound back as much as 50pip in any direction.
@1.7055 :: This level also being confluent-ed by Fibonacci-retrenchment of 0.382(@ 1.7054)
by both confluent this make @1.7055 line significantly important.
And the current stage of GBPUSD is at it uptrend according to "ascending channel". and it has been in uptrend most of the time if look accordingly to weekly chart.
as well as previous day @ 1.7000 break out event, price shoot up by ~25pip and retrace-back to @1.7000 with a litle under-shoot of @1.69957 (which a little extra room this could be use as stop-lost as 1.6990)
Thus, possible LONG entry would be @ 1.7000 - 1.7055,
stop-lost should be around @ 1.6990,
take profit should be around previous range @ 1.7050 - 1.7045
@1.7055 :: This level seem to have have it act as support and resistance from many time... and each time price touch this level. it could bound back as much as 50pip in any direction.
@1.7055 :: This level also being confluent-ed by Fibonacci-retrenchment of 0.382(@ 1.7054)
by both confluent this make @1.7055 line significantly important.
And the current stage of GBPUSD is at it uptrend according to "ascending channel". and it has been in uptrend most of the time if look accordingly to weekly chart.
as well as previous day @ 1.7000 break out event, price shoot up by ~25pip and retrace-back to @1.7000 with a litle under-shoot of @1.69957 (which a little extra room this could be use as stop-lost as 1.6990)
Thus, possible LONG entry would be @ 1.7000 - 1.7055,
stop-lost should be around @ 1.6990,
take profit should be around previous range @ 1.7050 - 1.7045
