GBPUSD has made a nice pullback to our buying entry presenting us a good opportunity to go long again.
Buy above 1.3923. Stop loss at 1.3864. Take profit at 1.4068.
Reason for the trading strategy (technically):
Price has made a pullback to our buying entry and bounced off it nicely confirming that it is a strong area of interest. We look to buy above major support at 1.3923 (Fibonacci retracement, horizontal overlap support, bullish Ichimoku cloud) for a push up to at least 1.4068 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (89) has made a similar bullish exit signalling that we’re really seeing a shift in momentum.
Buy above 1.3923. Stop loss at 1.3864. Take profit at 1.4068.
Reason for the trading strategy (technically):
Price has made a pullback to our buying entry and bounced off it nicely confirming that it is a strong area of interest. We look to buy above major support at 1.3923 (Fibonacci retracement, horizontal overlap support, bullish Ichimoku cloud) for a push up to at least 1.4068 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (89) has made a similar bullish exit signalling that we’re really seeing a shift in momentum.