GBP USD has reached its weekly support level and it is lining up nicely with the bottom of the daily channel.
As for the 4 HR timeframe Price is still heavily bearish. 1.37000 is a strong Key level that hasnt bee broken since February this year. Price has always bounced 300 + pips from here.
I am looking to get into a buy either at 1.37000 and ride up to 1.4000 for a high risk high reward PIP count
or wait for a bullish run and a pullback to retest the descending 4hr Trendline i have drawn above.
Bullish Bias:
Entry: 1.37000 area
SL: 1.36500
TP: 1.3800, 1.3900, 1.400
As for the 4 HR timeframe Price is still heavily bearish. 1.37000 is a strong Key level that hasnt bee broken since February this year. Price has always bounced 300 + pips from here.
I am looking to get into a buy either at 1.37000 and ride up to 1.4000 for a high risk high reward PIP count
or wait for a bullish run and a pullback to retest the descending 4hr Trendline i have drawn above.
Bullish Bias:
Entry: 1.37000 area
SL: 1.36500
TP: 1.3800, 1.3900, 1.400