I am not seeing any fundamental reasons right now for the pound to break recent swinglows around 1.20 thats why i am seeing this downmove from 1.2750 towards 1.2200 as a textbook buying opportunity. The 5 wave downward move has ended for me on 1.22 and the market made an impulsive move higher towards 1.2370 taking out several resistance areas. So 1.22 shouldnt be broken any time soon.
Especially important for me is the 1.23 low, i think dips below 1.23 right now will be shortlived, and market is willing to bounce higher towards my target at 1.25 where strong resistance is located, a bigger move may be possible but this idea is targeting 1.25 and not more except something fundamentally changes and the market clearly shows a strong will to push above 1.25. Personally i will wait for a move towards 1.2250 and evaluate on smaller timeframes if an entry is in my favor my stop will be placed at 1.2200 and my target as mentioned is around 1.25 my stop will be trailed higher, if the market moves in my favor.
Please use decent money management and risk control for this trade. Best of luck.
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Position triggered: Buy 1.2250 Stop 1.2200 Target 1.25 Stop will be trailed if it moves higher.