LONG GBPUSD

This based on pure technicals. Now as we can see the price in cable is respecting the channel but based on Fibonacci series.. 61.8 fib - The golden ratio has always worked well..

Considering we may have formed the bottom today almost at the tip of the channel, this has high probability for a reversal till 1.3077.. Only catalyst for that would a be a decent beat in GDP numbers due on Friday along with some soft brexit stance coming from the UK.
Chart PatternsDescending ChannelfibonnaccigbpusdlongTrend Analysis

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